Cassidy Turley Significant Deals in Northern California – April 30, 2012
Occupancy Increases at Tasman Tech Park in Milpitas with 45,106 SF Expansion by Fire Eye
April 30, 2012 – The listing team of Gregory M. Davies, Steve Horton, Colin Feichtmeir and Kelly Yoder with Cassidy Turley represented landlord RREEF in expanding existing tenant Fire Eye, Inc. into a total of 61,998 square feet of space at the Tasman Technology Park in Milpitas. Fire Eye, a network security company that provides dynamic malware protection and automated threat forensics, is expanding its presence in the park by more than threefold. The new lease agreement spans Fire Eye’s existing 16,892 square feet of space plus the addition of an entire 45,106 square-foot freestanding building. The company’s expansion is scheduled to take place this summer. The Tasman Technology Park is a 14-building R&D/office project located along Tasman Drive, McCarthy Boulevard and Alder Drive. It provides immediate access to 880, 237 and Montague Expressway, walking distance to VTA Light Rail and close proximity to major retail centers such as McCarthy Ranch Marketplace & Great Mall.
Kortick Manufacturing Buys Own 142,372 SF Warehouse Facility in Hayward; Looks to Expand in Future
April 30, 2012 –Tom Damaschino and Sam Higgins with Cassidy Turley represented buyer Kortick Manufacturing, an owner/user, in its acquisition of a 142,372-square-foot industrial property in Hayward from seller Lowenberg Corporation. Kortick was previously a tenant in about 82,000 square feet of space in the multi-tenant facility located at 2230-2242 Davis Court, and will look to expand its occupancy in the future. The property is located near the intersection of Davis Avenue and Forbes Street and is well positioned in the Hayward Crocker North Industrial Park with access to Interstate 880 and the San Mateo Bridge. Kortick is the pioneer Pole Line Hardware manufacturer on the Pacific Coast and has served the industry for more than a century. In 2009, Kortick became the second manufacturing company in the California Bay area to earn the Bay Area Green Certification and are the only Certified Green Pole Line Hardware manufacturer. In 2010, the company was awarded with the 2010 Environmental Achievement Award by the City Council of Hayward.
Legacy Hamilton Plaza in Campbell Gets More Space/Time From 24/7 Customer, Inc with 31,775 SF Lease
April 30, 2012 – The listing team of Mary Wadden, Dan Hollingsworth and Steve Pace with Cassidy Turley represented landlord Legacy Partners in the lease renewal/expansion of existing tenant 24/7 Customer, Inc. in a deal totaling 31,775 square feet at the Legacy Hamilton Plaza in Campbell. The company had been leasing 7,409 square feet before its most recent expansion into the entire second floor. This marked the second time 24/7 Customer has expanded at the project, as the company began its operation in less than 5,000 square feet on the same floor in 2007. Founded in 2000, 24/7 Customer, a consumer experience company, provides software solutions and services for customers in the United States and internationally. Legacy Hamilton Plaza, a two-building trophy office project totaling 357,432 square feet, is strategically located on Hamilton Avenue near Bascom Avenue in Campbell. The project is adjacent to a Light Rail station and Highway 17, providing excellent access to Interstates 880 and 280, as well as Highway 101 and 85.
Santa Clara’s Mission Towers Gains IHS Global, Inc.; Company Consolidates Operation/Expands to 26,077 SF
April 30, 2012 – The listing team of Steve Horton, Bob Simpson and Kelly Yoder with Cassidy Turley in collaboration with Jeff Houston of CB Richard Ellis represented landlord Equity Office Properties in a new lease of 26,077 square feet at the Mission Towers office high rise in Santa Clara. The new tenant is IHS Global, Inc., the leading global source of information and analytics, which leased the entire third floor of the building at 3975 Freedom Circle and will be consolidating and expanding its operation from various locations throughout the Silicon Valley. The new deal brings the freestanding building to more than 90% leased, with other major tenants including NetLogic and KPMG. The building is located at the northeast quadrant of Great America Parkway and Highway 101, offering superior highway visibility. The property is one of two buildings that comprise the Class A Mission Towers complex, with the other building separately owned.
Longdo Trucking Purchases 52,507 SF Industrial Property for $3.78 Million; Relocating from Oakland
April 30, 2012 – Chris van Keulen and Tom Damaschino with Cassidy Turley represented buyer Longdo Trucking, an owner/user, in the purchase of a 52,507-square-foot industrial facility in Hayward for $3,780,000 ($72 per square foot). The seller was SPI Holdings, LLC. Longdo Trucking, a lead logistics provider of trucking transportation, warehouse and distribution services, will be relocating from its current facility in Oakland and plans to occupy the entire building. Built in 1973, the facility is located at 25811-25817 Clawiter Road and sits within the Hayward Bridge Business Park, providing easy access to Interstate 880 and Highway 92. The building was previously home to Henkel Corporation.
Investor Buys 86,400 SF Multi-Tenant Industrial Condo Property in Central San Jose
April 30, 2012 – Scott Borgia with Cassidy Turley represented buyer Scott Cooley Trust in the investment sale of an 86,400-square-foot industrial condominium property located in central San Jose. The bank-owned property was sold by Cathay Bank for an undisclosed price. The property consists of eight condominium units spanning the addresses 2123-2159 South Tenth Street, located near Tully Road and the Santa Clara County Fairgrounds. The units range in size from 6,400 square feet to 12,000 square feet with 70,300 contiguous square feet available. The property is zoned heavy industrial, accommodating both manufacturing and warehousing uses. The eight units are part of a larger 133,500-square-foot building that was completely renovated and upgraded and split into 12 industrial/office condo units in 2010.
Investor Acquires 141,344 SF Milgard Industrial Facility in Hollister for $5.35 Million; Adds to Local Ownership
April 30, 2012 – Michael Schoeder and Michael Bassetti with Cassidy Turley represented buyer Ken & Jill Gimelli, LLC in the acquisition of the 141,344-square-foot Milgard industrial facility in Hollister for $5,350,000 ($38 per square foot). Milgard, a 50-year-old door and window manufacturing company, sold its facility located at 2451 Bert Drive just east of the city’s airport but will remain a tenant through a newly negotiated lease of roughly 7,200 square feet. The residual space in the property is vacant and will be brought to market by Schoeder and Bassetti on a direct lease basis. The property adds to Gimelli’s local portfolio, as he also own other industrial and commercial properties and land in the immediate area, including a 71,222-square-foot facility that was recently subleased to Rinchem Company at 2301 Bert Drive in a deal also handled by Schoeder and Bassetti. Milgard has manufacturing, sales and service locations in Tacoma, Portland, Las Vegas, Sacramento, Simi Valley, Temecula, Dixon, Denver, Salt Lake City, Phoenix, and Dallas/Fort Worth.
D.R. Stephens Acquires 24,000 SF R&D/Office Building in Sunnyvale’s Prime Moffett Park for $3.5 Million
April 30, 2012 – Kalil Jenab with Cassidy Turley represented both buyer, D.R. Stephens & Company, and seller, a local Family Partnership, in the investment sale of a 24,000-square-foot R&D/office building in Sunnyvale’s prestigious Moffett Park area for $3,500,000 ($145.83 per square foot). The single-story, freestanding building is located at 310 East Caribbean Drive with strong corner identity at Geneva Drive. The property, formerly home to Lockheed Martin, is well located right across from Network Appliances growing headquarters campus. Jenab was retained by D.R. Stephens to market the vacant building—which is currently underway with extensive, creative interior and exterior market-ready improvements—on a for lease basis. Home to a slew of top tier companies, Sunnyvale’s Moffett Park is rapidly growing into one of the most desired locations by companies doing business in the Silicon Valley.
Triple Ring Technologies Expanding to Entire 88,344 SF Building at Stevenson Point Tech Park in Newark
April 30, 2012 – Michael Karp, Eddie Shuai and David Hiebert with Cassidy Turley represented landlord Broadreach Capital Partners in expanding existing tenant Triple Ring Technologies into a full 88,344-square-foot R&D building situated in the Stevenson Point Tech Park in Newark. Currently based in 62,020 square feet of space in the building located at 39655 Eureka Drive via a deal the company inked a year ago, Triple Ring recently signed a lease for an additional 26,324 square feet that will give it full occupancy of the single-story building next year. The Stevenson Point Tech Park is a corporate campus environment composed of high image office / R&D buildings that provides easy access to Interstates 880 and 680 and Route 84 (Dumbarton Bridge). Triple Ring Technologies is an innovative technology and product development company serving the medtech and life science, cleantech and industrial automation, and security and defense industries. The company also has offices in Boston.
S&M Moving Systems Pens 61,340 SF Renewal/Expansion; Brings Total Occupancy to 186,890 SF in Fremont
April 30, 2012 – Scott Borgia with Cassidy Turley represented tenant S&M Moving Systems in the company’s recent lease renewal/expansion of 61,340 square feet of warehouse/distribution space at 48541-48551 Warm Springs Boulevard in Fremont. The property, known as the Fremont Industrial Park, is owned by Intercontinental Real Estate Corporation. The transaction brings S&M Moving Systems’—which leases another 125,550 square feet in the project—total occupancy to 186,890 square feet in the 236,000-square-foot complex. Established in 1918, S&M Moving Systems has been an industry leader in corporate and residential moving for over 90 years, both domestically and internationally.
Infiniti Solutions USA Leases 32,280 SF R&D Building in North San Jose
April 30, 2012 – Jim Kovaleski with Cassidy Turley represented tenant Infiniti Solutions, USA in the lease of a 32,280-square-foot R&D building in North San Jose. The freestanding, single-story building is located at 3910 North First Street and is owned by De Anza Properties. In the Silicon Valley, Infiniti Solutions designs, develops and manufactures burn-in products, and provides burn-in/package qualification and test services for the semiconductor industry.