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Visa-Anchored Office Bldg. in Palo Alto Breaks $2,000 PSF Barrier

68,000-SF Property Also Includes Four Fully Leased Apts.
February 10, 2018
An institutional fund manager out of Los Angeles has paid more than $2,000 per square foot to acquire a recently completed office and residential building in Palo Alto, CA.

American Realty Advisors, which has $8 billion in assets under management, paid $138 million, or $2,030 per square foot, to The Minkoff Group and a fund managed by JPMorgan Asset Management to acquire 385 Sherman Ave., a 67,974-square-foot, three-story office building located in the Palo Alto South submarket.

Completed by The Minkoff Group in late 2016, the fully leased mid-rise building is anchored by Visa (NYSE: V), which occupies 93 percent of the building. The property also includes four fully leased multifamily units.

385 Sherman sits two blocks from the California Avenue Caltrain Station near the California Avenue retail corridor. Features of the building include an open floor plan, floor to ceiling glass, bike storage, shower facilities and a roof deck. LEED certification for the property is pending.

Stephen Van Dusen and Paul Nelson of Eastdil Secured represented the selling venture in negotiations.

For more information on this transaction, please refer to CoStar COMP #4111519.
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