HCP Selling Google-Occupied Silicon Valley Campus for $1B
Irvine, CA-based HCP is under contract to divest Shoreline Technology Center in Mountain View, CA for $1 billion. The disposition of the roughly 800,000-square-foot asset is expected to generate a gain on sale of approximately $700 million upon closing in Q4 2018.
The 12-building campus is located along Stierlin Ct., and is 92% occupied by Google. The buyer was undisclosed.
HCP’s Peter Scott says, “This transaction highlights our ability to unlock meaningful shareholder value and generate attractively-priced capital, which we will use to deliver and further strengthen our balance sheet as well as fund future accretive growth.”
The REIT intends to use the proceeds to initially repay approximately $1 billion of debt at an average interest rate of approximately 3.5%. It plans to opportunistically redeploy a portion of capital into future acquisitions and to fund development and redevelopment activity, while maintaining a target net debt to adjusted EBITDA ratio in the high five times range.
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator.
Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.
Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.
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