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Hudson Unloads Milpitas Assets, Land for $150M
Hudson Pacific Properties divested three office buildings and 35.4 acres of vacant land at Campus Center in Milpitas, CA in a pair of separate deals that traded for nearly $150 million combined. The 65-acre Silicon Valley property already has two- and three-story office and R&D buildings featuring 59,000-square-foot floorplates, new entries and lobbies. The site could be built out into a roughly 1.4-million-square-foot campus.
Embarcadero Capital Partners and PCCP acquired the office buildings at 115, 135 and 155 N. McCarthy Blvd. for roughly $70.3 million. The new owners plan to transform the 471,580 square feet of existing buildings into a modern tech hub.
In a second deal, Bridge Development Partners affiliate, Bridge Point Milpitas, bought the land along McCarthy Boulevard north of State Route 237 for $78.1 million. The site could accommodate up to 950,000 square feet of additional development and is already approved for offices, research space, or industrial buildings, or a mix of those.
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