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American Realty Acquires Palo Alto Visa Building for $138M
Los Angeles-based American Realty Advisors acquired a 64,000-square-foot building in Palo Alto, CA from a joint-venture between Oakland-based The Minkoff Group and a fund managed by JPMorgan Asset Management for $138 million. The property at 385 Sherman Ave. is occupied by Visa and was purchased by American Realty entity SVF Sherman Palo Alto.
San Francisco-based Visa took the entire available space at the three-story property in 2016 for its data, research, network processing and loyalty and offers teams. Minkoff completed the building in 2016 after adding trees, a deck, artwork and a setback profile for the third floor.
The all-cash deal works out to $2,165-per-square-foot. Brokers say the high transaction price reflects the investor’s appetite for rental income and a credit tenant like Visa. Eastdil Secured’s Stephen Van Dusen and Paul Nelson represented the seller.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


