Sprint Santa Clara Center Sold for $95.7 Million
September 17th, 2005 By: Rich Miller
Stream Realty Partners has sold a 160,000 square foot Santa Clara, Calif. data center to Inland Western Retail Real Estate Trust Inc., for $95.7 million, the Silicon Valley Business Journal reports, citying SEC filings. The center at 1350 Duane Ave. was fully leased to Sprint, and was bundled with a 25,300-square-foot building at 3080 Raymond St. The price for the buildings works out to about $515 per square foot.
The sale is the latest in a series of blockbuster deals for California data centers. The buildings were among four properties bought in June by a fund managed by Dallas-based Stream Realty Partners, which also acquired a never-occupied 107,000 square foot data center in Newark.
Stream Realty, an investment and development services firm, was formed a decade ago by former Trammell Crow Co. dealmakers Lee C. Belland and Michael J. McVean.
Stream is actively marketing the Newark site, a former WorldCom building completed in 2001 along Eureka Avenue on Newark’s western fringe. The firm’s remaining Santa Clara holdings include a 30,000-square-foot building at 870 Duane leased to Qwestb for another 10 years, and a 21,000 square foto site at 3075 Raymond leased by Electric Lightwave.