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18 ATTACHMENT 1-4; 6-9
City of Pleasanton
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18 ATTACHMENT 1-4; 6-9
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8/28/2015 3:03:53 PM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
4/16/2013
DESTRUCT DATE
15Y
DOCUMENT NO
18 ATTACHMENT 1,4,6,9
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ATTACHMENT 3 <br /> Feb 22, 2013, 6:41am PST <br /> RREEF selling 25 buildings in Santa Clara <br /> Nathan Donato-Weinstein <br /> Real Estate Reporter- Silicon Valley Business Journal <br /> In one of Silicon Valley's larger commercial real estate offerings of late, Rreef]teal Estate is <br /> looking to sell two Santa Clara business parks just off Highway 101 containing 25 buildings and <br /> totaling 892,500 square feet of space. <br /> The unit of Deutsche Bank recently engaged Holliday Fenoglio Fowler LP to market the <br /> properties, which are about evenly split between the Marriott Business Park and Park Square <br /> developments. <br /> A representative for Rreef declined to comment, and executives in the San Francisco office of <br /> TIFF did not return calls. <br /> No asking price was listed. But several commercial real estate professionals nol connected to the <br /> offering valued the properties in the range of$200 to $250 per square foot, which would peg the <br /> offering between $178.5 million to $223.1 million. <br /> Marriott Business Park is a I2-building complex developed in 1979 and 1980 tucked on about 26 <br /> acres just behind Santa Clara Towers off Highway 101 at the Great America Parkway exit. The <br /> 427,500-square-foot complex is 93-percent leased, according to an offering document. Average <br /> in-place rents are $1.30 per square foot. <br /> Almost directly across Highway 101 from the Marriott Business Park is Park Square, a 13- <br /> building complex that sits on 31 acres. It is about 60 percent leased and contains 465,000 square <br /> feet of space. <br /> The properties could attract a buyer looking for in-place cash flow or a redevelopment play. The <br /> parks' rent roll includes such tenants as Samsung, Netflix, McGraw-Hill, Cisco Systems and <br /> Intel. The complexes were built between 1977 and 1980, and are 76 percent leased to 55 tenants. <br /> Buildings range from 22,500 to 48,000 square feet. <br /> However, the offering document also highlights the possibility of building fresh, with the "ability <br /> to control nearly 60 acres with freeway visibility and the potential to develop up to <br /> approximately 1.86 million square feet, as-of-right." <br /> The properties are part of the huge, 5.3-million-square-foot Peery-Arrillaga portfolio that <br /> RREEF purchased in 2006 for $1.1 billion. At the time, it was called the largest collection of <br /> commercial properties -- 119 in all -- to change hands in the Valley, with buildings in Mountain <br /> View, Sunnyvale, Santa Clara, Milpitas and San Jose. <br /> In 2011, Rreef unloaded more than 1 million square feet of Silicon Valley space. It is still a <br /> major landlord, and current Valley holdings are estimated at around 5.9 million square feet. <br />
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