Big Milpitas office complex is bought

MILPITAS >> A big office and research complex in Milpitas has been grabbed by investors from the East Bay in a deal that suggests the Silicon Valley commercial property market remains attractive amid the coronavirus.

Oak Creek Business Park, perched next to Interstate 880 in Milpitas, has been bought by an affiliate of Vertical Ventures, a real estate investment firm, according to documents filed with Santa Clara County officials on Aug. 19.

The Vertical Ventures affiliate bought Oak Creek Business Park, which consists of three buildings that together total about 218,000 square feet, public, business, and commercial property documents show. A Cushman & Wakefield commercial real estate brokerage team of Eric Fox, Gregory Davies, Steve Horton, Kelly Yoder, and Erik Hallgrimson arranged the property purchase by the Vertical Ventures group, according to the brokers.

Although economic uncertainties unleashed by the coronavirus have hobbled a great deal of leasing and property purchas

ing activity worldwide, investors clearly continue to hunger for sites in Silicon Valley.

STP Milpitas Owner, the Vertical Ventures affiliate, paid $45.5 million for the three buildings, county documents show.

The buildings have addresses of 475, 501, and 525 Sycamore Drive, property documents show.

“New outdoor amenity areas feature a sand volleyball court, patio areas, outdoor collaboration space, and nearby jogging trails,” according to a brochure circulated by commercial real estate firm Cushman & Wakefield.

Walnut Creek-based Vertical Ventures has bought an array of properties in the Bay Area in recent years, according to a post on the company’s web site.

Office buildings, medical office buildings, research sites, warehouses, industrial buildings, manufacturing properties, and life sciences buildings are among the types of properties that Vertical Ventures favors.

Among the Vertical Ventures purchases recently: The Wakefield office building in downtown Oakland, Dixon Landing Research Park in Fremont, The Pointe at Redwood Shores in Redwood City, The Landing in Oakland, Eastmont Town Center in Oakland, Hellyer Oaks Technology Park in San Jose, Montague Business Center in San Jose, Pacific Corporate Center in Livermore, and Oakland Airport Plaza in Oakland.

“Vertical Ventures is focused on acquiring undervalued office and industrial properties,” Vertical Ventures stated.