Hines Global Acquires Santa Clara R&D Property For $68M
SOLD
$68,000,000
California
See Similar DealsOther129,200 SF
Sold 02/22/2021
SOLD
Hines Global Acquires Santa Clara R&D Property For $68M
5301 Patrick Henry Drive, Santa Clara, CA, USA
See Similar DealsOther129,200 SF
Sold 02/22/2021
Summary
CALIFORNIA
Asset Type:Other
Price Per Square Foot:$526
Total Square Footage:129,200 SF
Transaction Type:Sale
The R&D property located at 5301 Patrick Henry Drive in Santa Clara has been sold for a total price of $68,000,000. The property spans an area of 129,200 square feet, resulting in a price per square foot of $526. The transaction took place on February 22, 2021. The buyer of the property is Laura Hines-Pierce, Christopher D. Hughes, Jeffrey C. Hines, C. Hastings (Hasty) Johnson & David L. Steinbach, represented by Hines Global. The seller is Crown Realty & Development.
Summary of transaction details:
- Property Type: R&D
- Transaction Amount: $68,000,000
- Address: 5301 Patrick Henry Drive, Santa Clara
- Market: Santa Clara
- Buyer: Laura Hines-Pierce, Christopher D. Hughes, Jeffrey C. Hines, C. Hastings (Hasty) Johnson & David L. Steinbach - Hines Global
- Seller: Crown Realty & Development
The buyer, Laura Hines-Pierce, Christopher D. Hughes, Jeffrey C. Hines, C. Hastings (Hasty) Johnson & David L. Steinbach, represented by Hines Global, acquired the R&D property. On the other hand, Crown Realty & Development acted as the seller in the transaction.
Players
BUYER
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,626,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$241,589.64
Cash-on-Cash Return-1.27%
Monthly Debt Service$322,354.69
Annual Debt Service$3,868,256.30
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