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Cerberus Acquires Undeveloped Santa Clara Site
Cerberus Real Estate Capital Management LLC, acting through an affiliate, acquired an undeveloped 13.3-acre site in Santa Clara from Greystar Real Estate Partners, the Silicon Valley Business Journal reported. The New York City-based investment firm paid $50 million for the site, which has been approved for 1,100 apartments.
The Business Journal reported that it’s unclear what the New York-based firm plans to do with the site, which includes two adjoining parcels. Last year, Santa Clara approved Greystar’s development proposal for the site, located at 3905 Freedom Cir. Along with the apartments, that proposal would have allowed the South Carolina firm to build 2,000 square feet of commercial space, 1,540 parking spaces and a two-acre public park.
Greystar bought the land in 2017 from Intel Corp., whose headquarters campus is nearby, for $35 million, according to the Business Journal. Intel in turn had owned the property for 20 years.
- ◦Sale/Acquisition
