Investors buy large Milpitas office park
Buyers intend to create tech hub at choice site off Highway 237
MILPITAS >> A big Milpitas office complex has been bought by investors who want to transform the site into a modern tech campus.
Embarcadero Capital Partners and PCCP, two real estate investment firms, have bought the complex, which is located in Milpitas on North McCarthy Boulevard just north of State Route 237.
The buyers purchased three buildings totaling 472,000 square feet, according to Newmark Knight Frank, a commercial real estate firm that is scouting for tenants for the project.
The three office buildings and a big adjacent parking lot were bought for $70.25 million, according to Santa Clara County documents that were filed Thursday.
“We have a long history of creating transformative corporate headquarters along the 237 Corridor,” said Carol Donnelly, a principal executive with Embarcadero Capital Partners.
Embarcadero Capital and PCCP plan to launch a wideranging renovation of the complex, which has been given a new moniker: Park Point.
HOK, an architecture, design, and engineering firm, will craft the revitalization of the office park, hoping to transform it into a modern complex that could entice tech tenants.
“Employers looking to reduce commute times for their employees traveling from all directions to Silicon Valley” could be among the companies attracted to Park Point, according to Newmark Knight Frank.
Newmark brokers Jeff Arrillaga, Shawn Kellenberger, and Michael Saign have been assigned to lease the project.
“We believe this campus is one of the best large blocks of space immediately available in Silicon Valley,” Donnelly said.