Updated Aug 12, 2025
Frank B. Holding Jr. Of First Citizens Bank & Trust Acquires Mixed-Use Building In Palo Alto For $82M
250 University Avenue
$82,000,000
$1,980/SF
Building Size
41,400 SF
Asset Type
Mixed-use
Closing
Aug 11, 2025
About this deal
AI
A mixed-use building located at 250 University Avenue in downtown Palo Alto has been sold for $82,000,000. The property encompasses 41,400 square feet, leading to a price per square foot of $1,981. The seller of the property was Inspire Real Estate Holdings, which is based in Florida.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $82,000,000
- Address: 250 University Avenue
- Market: Palo Alto
- Square Footage: 41,400
- Price Per Square Foot: $1,981
- Buyer: Frank B. Holding Jr. - First Citizens Bank & Trust
- Seller: Inspire Real Estate Holdings
Frank B. Holding Jr., representing First Citizens Bank & Trust, acquired the property from Inspire Real Estate Holdings. This transaction reflects notable involvement from both the buyer's financial institution and the seller's real estate holdings.
On the Map
$82,000,000
$1,980/SF
Mixed-use
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Palo Alto Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93