Benjamin Kochalski And Michael A. Covarrubias Of TMG Partners Acquire Mixed-use Portfolio For $650M

The transaction involved a mixed-use portfolio located in the San Jose, Santa Clara, and Milpitas markets, encompassing approximately 140 acres. The portfolio consists of 50 buildings with a total square footage of 2.2 million. The property was sold for a total price of $650 million, which equates to $295 per square foot. The assets feature specialized facilities including labs, clean rooms, and advanced power and HVAC systems.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $650,000,000
• Square Footage: 2,200,000
• Price Per Square Foot: $295
• Buyer: Benjamin Kochalski & Michael A. Covarrubias - TMG Partners; Chris Eldemir & Beau Heidrich - Grove Real Estate Partners; John P. Grayken & Donald Quintin - Lone Star Funds
• Seller: Ric Anderson - Washington Holdings

Lone Star Funds, Grove Real Estate Partners, and TMG Partners have acquired the portfolio, which is currently 87% occupied. The new owners plan to implement upgrades to meet the demands of technology companies in sectors such as AI and robotics.