A local real estate investor has bought two commercial buildings along the Southbay Freeway in Sunnyvale for $28 million.
An affiliate of Ellis Partners, based in San Francisco, bought the single-story buildings at 335 East Moffett Park Drive, the San Jose Mercury News reported. The seller was Cilker Orchards Management, based in Los Gatos.
The price for the all-cash deal came out to $315 per square foot.
The buildings, totaling 88,900 square feet set on 5 acres, are in one of Silicon Valley’s hottest spots for development, leasing and commercial property buys, according to the Mercury News.
If redeveloped, the property could contain a modern campus containing 150,000 square feet of office space, double the size of its current offices.
Nearby property owners or tenants include Google, which owns or leases office buildings and other properties next door.
Meta Platforms, owner of Facebook, has a major tech campus in Sunnyvale. It recently signed a lease for a second, 719,000-square-foot campus known as Moffett Green, a half-mile from the Moffett Park property.
Moffett Green was bought in June by Commonwealth Partners for $707 million. The seller was Tishman Speyer, which had paid $365 million for it last year, then landed Meta Platforms as a tenant, which spiked the value of the property.
Apple and Amazon.com also lease numerous sites in Sunnyvale, while Apple has bought modestly sized properties across the city.
— Dana Bartholomew
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