Phil Belling Of LBA Realty Acquires Office Building In Sunnyvale For $42.3M

The office asset involved in this transaction is located at 285 Sobrante Way in Sunnyvale, encompassing a total area of 121,000 square feet. The property was sold for $42,300,000, resulting in a price per square foot of $350.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $42,300,000
• Buyer: Phil Belling - LBA Realty
• Seller: Sobrante Venture LLC
• Asset Size: 121,000 SF
• Market: Sunnyvale

Phil Belling, representing LBA Realty, acquired the vacant office building after a period of eight months in receivership due to a loan default by Sobrante Venture LLC. The seller had previously redeveloped the site with a loan amount of $59.6 million but failed to meet repayment obligations, leading to a court-ordered sale.