A joint venture of TMG Partners, Grove Real Estate Partners and an affiliate of Lone Star Real Estate Fund VII acquired a 2.2 million-square-foot portfolio of R&D assets spread across six campuses in Silicon Valley. Commercial Search reports that Washington Holdings sold the collection.
With 50 buildings spanning 140 acres, it’s the largest institutionally owned portfolio of Class A, predominantly single-story, mission-critical research and development properties in Silicon Valley, according to the new owners.
TMG Partners and Grove Real Estate Partners will operate the portfolio. The sale price was not disclosed. Washington Holdings invested approximately $173 million into base building, exterior and interior renovations across the portfolio during its ownership. The properties are located within a 5-mile radius of each other within the Golden Triangle in Santa Clara, San Jose and Milpitas, Calif.
The portfolio is 87 percent leased to a roster of 63 tenants.
The properties are: Zanker Place, Mission Park R&D, Montague Square, North First @ Orchard Station, and Montague Oaks.
