Silicon Valley / San Jose Business Journal
Date: Thursday, October 11, 2012, 9:54am PDT – Last Modified: Friday, October 12, 2012, 12:34pm PDT
- Real Estate Reporter- Silicon Valley / San Jose Business Journal
W3 Partners and Ridge Capital Investors bought SunPower Corp.’s corporate headquarters in North San Jose.
The firms purchased three buildings, totaling 185,074-square-feet, at 51, 77 and 145 Rio Robles Drive. Two of the buildings are occupied by SunPower, while the third, totaling 56,895, is vacant. The price of the off-market deal was reportedly $34 million.
It’s the second deal in Silicon Valley for San Rafael-based W3 Partners, which received a $100 million investment from a subsidiary of Hunt Realty Investment two years ago.
W3 purchased a 13,000-square-foot building at 555 Hamilton in Palo Alto in January 2011 for a reported $6.5 million.
“We intend to be buying more in the market,” said Susan Sagy, managing partner. “We really like the north San Jose fundamentals right now.”
SunPower had been in all three buildings, but the buyers worked with the company to consolidate its operations into two, freeing up the third for lease-out.
The sellers, Lane Partners and Walton Street, were represented by Newmark Knight Frank Cornish & Carey. The buyers represented themselves.