Alex. Brown Realty, Inc. (ABR) and Graymark Capital announce the acquisition of 1237 E. Arques Avenue, a 68,608 sf R&D/office building in Sunnyvale, California. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $8.5 million in the joint venture. RGA Reinsurance Company provided financing for the acquisition.
1237 E. Arques Avenue was built in 1977 and substantially renovated in 2014. The building is fully leased and serves as headquarters for technology firm Sensity Systems.
Located in the heart of Silicon Valley, Sunnyvale continues to benefit from strong regional employment growth, due in large part to the continued expansion of the area’s technology sector. “This was an opportunity to purchase a well-located asset in a market with outstanding demand drivers and constrained supply,” stated Tom Burton, ABR’s CIO. “Graymark has extensive experience with similar properties throughout this market and we’re very pleased to partner with them on this transaction,” added Burton. The acquisition represents the first investment between an ABR-sponsored fund and Graymark.
“Given the healthy in-place income and strong real estate fundamentals in the market, we anticipate favorable results for our investors,” stated John Prugh, president and CEO of ABR.
Alex. Brown Realty, Inc. (ABR) is a privately owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com
Graymark Capital was formed in 2005 for the purposes of acquiring and managing commercial real estate throughout the West Coast. The expertise of the company lies within the ability to add value in a very cost effective way including physical rehabilitations, professional management, leasing and general repositioning of assets. Since 2012, Graymark has acquired and repositioned 14 projects comprising over 1.2 million square feet, for total value in excess of $275 million, while delivering significant returns to the firm and its investors. www.graymarkcapital.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20160809006117/en/
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