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Preylock Holdings Acquires Santa Clara Campus in $240 Million Deal

DivcoWest Sells 7-Bldg. Corporate Office Campus Fully Leased to Nvidia, Huawei Subsidiary in Off-Market Deal
November 8, 2017
Preylock Holdings has finalized a deal with DivcoWest to acquire the corporate office campus of Nvidia and Huawei's U.S. R&D subsidiary, Futurewei, for slightly more than $240 million, or approximately $384 per square foot.

The expansive seven-building office and R&D park was developed in the late 1990's just south of Hwy. 101 and minutes west of Mineta San Jose International Airport intersection in Santa Clara, CA's Scott Blvd. Corridor. Occupying almost an entire square block, the campus sits in the southeast quadrant of the Central Expy. and San Tomas Expy. interchange and consists of 2770-2800, 2880 and 2890 Scott Blvd., 2220, 2300, 2330 Central Pky., and 2001 Walsh Ave.

The campus is triple-net leased long-term to China-based Huawei, the largest telecommunications equipment manufacturer in the world which occupies four buildings for its U.S. headquarters, and American technology company Nvidia (NYSE: NVDA), a designer of graphic processing units (GPUs) and system on a chip units (SoCs) that operates its corporate headquarters out of the other three buildings.

Preylock Holdings, a commercial and residential real estate owner, operator and developer based in Los Angeles, purchased the complex off market at a 6.5% cap rate. Kovi Elkus, Jackie Tran and Seth Grossman of Meridian Capital Group's Carlsbad, CA office brokered the transaction on behalf of Preylock an active client of Meridian. The firm also arranged $195 million in bridge financing through Natixis on behalf of the borrower.

For more information on the transaction, please see CoStar Comp #4047244.
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