Prudential's Santa Clara Buy
Prudential Real Estate Investors just bought a General Dynamics-leased property at 2305 Mission College in Santa Clara from a JV between Kinship Capital and Pearlmark Real Estate Partners, the sellers announced. The 358k SF office and R&D facility sits on 16 acres and was marketed by Newmark Cornish & Carey's Phil Mahoney (above) and Jeff Arrillaga. Phil tells us "a number of interested parties" were on the table, and it came down to the top three. Prudential plans to do a renovation over the next few years (we're waiting to hear from Prudential's Tim Hennessey for more deets). Expect to hear from Kinship Capital again soon, with plans to scoop up more Silicon Valley properties thanks to "ample capital" in 2015. It was a quick turnaround for the sellers, which scooped up the property in 2013. Brokers are stumped on the price, but we'll keep digging.
