SUNNYVALE, CA, May 29, 2012 (MARKETWIRE via COMTEX) –
Trumark Commercial has sold a 39,311-square foot office building in
Silicon Valley, the company announced today.
The single-story building, which sits on 2.58 acres at 674-678 W.
Maude Ave. in a prime location within the desirable Peery Park area
of Sunnyvale, was sold for an undisclosed price to a joint venture of
Graymark Capital and Ascent Real Estate Advisors.
Trumark purchased the building in early 2007 from Limar Realty Group
for $4 million and initiated a $1 million renovation that included
exterior paint, repairs to the parking lot, a new monument sign and
renovation of the existing landscape. The interior of the building
was gutted. Walls, offices and hallways were replaced, new conference
rooms were added and restrooms were upgraded. The project was
finished with new paint, ceilings, lighting, heating, ventilation,
air conditioning and fire alarm systems.
“We saw the opportunity to transform a building that had been
neglected. It had been empty for quite a while and needed an
investment of capital to create a dynamic, marketable space,” said
Gregg Nelson, a principal and co-founder of Danville, Calif.-based
Trumark Commercial.
Soon after the fourth-month renovation was completed, half the
building was leased to Electric Cloud, which specializes in
automation solutions. The remainder of the building is leased to
Aliph Inc., which develops noise-eliminating Bluetooth headsets as
well as other mobile communications audio devices.
“The Maude property is an example of one of our primary focuses:
taking an underperforming property and adding value by creating a new
environment that is attractive to tenants and investors,” said
Nelson.
The transaction was brokered by Andy Zighelboim and Dave Sandlin of
Colliers International San Jose.
About The Trumark Group of Companies
The Trumark Group of Companies is a diversified real estate developer
and builder with expertise in land acquisition, homebuilding,
community design, entitlements and office, R&D and retail development
that was founded in 1997 in Danville, Calif.
Trumark Companies is the residential development arm of the
organization and has completed over $600 million in transactions
since 2000, representing approximately 2,500 lots in Northern and
Southern California.
Trumark Commercial, which builds, leases and sells commercial
buildings, has entitled or developed approximately two million square
feet of office, R&D, retail and hotel properties in the northern
portion of the Golden State.
Trumark Homes is a new generation homebuilder that is nimble, focused
and unburdened by broken projects of the past. Since May of 2009,
Trumark has raised more than $95 million of equity and closed nine
deals. Its pipeline exceeds 1,800 lots in core urban areas of
California, representing more than $900 million in future revenue.
Additional information is available at
www.trumark-co.com
Media Contacts:
Anton Communications
Vanessa Showalter
949-748-0542
Email Contact
Genevieve Anton
714-544-6503
Email Contact
SOURCE: Trumark Commercial
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