Vertical Ventures LLC Acquires Office Portfolio In Milpitas For $45.5M
SOLD
$45,500,000
+ 2
California
See Similar DealsOffice213,519 SF
Sold 08/19/2020
SOLD
Vertical Ventures LLC Acquires Office Portfolio In Milpitas For $45.5M
475 Sycamore Dr, Milpitas, CA, USA
See Similar DealsOffice213,519 SF
Sold 08/19/2020
+ 2
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$213
Total Square Footage:213,519 SF
Transaction Type:Sale
On August 19, 2020, an office property located at 475, 501, and 525 Sycamore Dr in Milpitas was sold for a total of $45,500,000. The property, spanning a total of 213,519 square feet, was acquired by Vertical Ventures LLC, represented by Christopher Aust. The selling price translates to approximately $213 per square foot.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $45,500,000
- Square Feet: 213,519
- Address: 475, 501, and 525 Sycamore Dr, Milpitas
- Buyer: Vertical Ventures LLC - Christopher Aust
The sale transaction was facilitated by Cushman & Wakefield, with Eric Fox, Steve Hermann, Seth Siegel, Adam Lasoff, and Ryan Venezia acting as brokers. This deal marks a significant milestone in the Milpitas real estate market, showcasing the continued demand for office properties in the area.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,426,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$161,651.90
Cash-on-Cash Return-1.27%
Monthly Debt Service$215,693.21
Annual Debt Service$2,588,318.56
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