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1175 Aster Avenue, Sunnyval...

Updated Oct 28, 2024

Hearthstone Acquires Development Site In Sunnyvale, CA For $95M
SOLDDevelopment Site

Hearthstone Acquires Development Site In Sunnyvale, CA For $95M

1175 Aster Avenue, Sunnyvale, California 94086, United States

$95,000,000

Building Size

—

Asset Type

Development Site

Closing

Oct 26, 2022

About this deal

AI

The development site located at 1175 Aster Avenue in Sunnyvale, CA has been sold in a closed transaction. The property spans over 11.8 acres and was acquired by Hearthstone, represented by Mark Porath. The seller of the site was Peninsula Building Materials. The sale price for this transaction was $95,000,000.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $95,000,000
  • Date: 10/27/2022
  • Address: 1175 Aster Avenue, Sunnyvale, CA
  • Market: Sunnyvale, CA
  • Buyer: Hearthstone - Mark Porath
  • Seller: Peninsula Building Materials
  • Lender: Western Alliance Bank

This transaction involved the participation of Mark Porath from Hearthstone as the buyer's representative. Western Alliance Bank provided the lending for this deal. The acquisition of the development site marks a significant investment opportunity for Hearthstone and contributes to the ongoing growth and development of the area.

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$95,000,000

Development Site

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Players

Western Alliance Bank
Western Alliance BankLender
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Sunnyvale Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.17%

Cash-on-Cash

-0.05%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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