PSAI Realty Companions has landed a $51 million mortgage backed by a 138,410-square-foot facility in Sunnyvale, Calif., in keeping with CommercialEdge data. Metropolis Nationwide Financial institution’s Los Angeles department originated the 10-year financing.
The Class B property occupies 8 acres at 1220 E. Arques Ave., near Lawrence Expressway and Bayshore Freeway. San Jose Mineta Worldwide Airport is 6 miles away, whereas downtown San Francisco is inside 42 miles.
Previously referred to as Constructing M4, the power was a part of Fujitsu’s Sunnyvale campus. The 1978-built R&D property options HVAC management programs, sky lights, an ample truck court docket and 118 automobile parking spots. It was final upgraded in 2013.
PSAI picked up the property for $31 million in 2023 from Fujitsu, which had used it as considered one of its analysis services. The Japanese firm had moved to Constructing M4 after Lane Companions paid $104 million for many of its campus again in 2020.
Excessive sale costs throughout Western U.S.
Western markets commanded the best industrial gross sales costs within the U.S. as of February, in keeping with a latest CommercialEdge report. The Bay Space’s common sale worth stood at $292 per sq. foot, a price outperformed solely by Orange County’s $340 per sq. foot and greater than double the nationwide common of $127 per sq. foot.
Most western markets additionally maintained industrial emptiness charges under the nationwide common of 8.2 p.c that month, the report exhibits. The Bay Space’s price stood at 8.1 p.c, whereas the bottom within the area was recorded by Central Valley’s 7 p.c.
