A local contractor has bought a wedge-shaped building near the Great America amusement park in Santa Clara for $49.4 million.
An affiliate of DPR Construction, a general contractor based in Redwood City, bought the 150,000 square foot building at 5201 Patrick Henry Drive, the San Jose Mercury News reported. The seller was W.F. Batton Management, based in San Carlos.
The price came out to $329 per square foot.
The empty building was last occupied by Apple, which moved out a year ago. It once served as a manufacturing plant for Dysan, a now defunct manufacturer of floppy disks.
The building rises from an expansive lawn like a cornhole board, to three stories at its wide end. A basketball or tennis court could be built on its roof, according to Loopnet.
The concrete structure, built in 1986 on seven acres, has large indoor atriums, glass ceilings, expansive exterior terraces and one-of-a-kind architecture, according to a marketing brochure by Cushman & Wakefield.
Brokers Steve Horton and Kelly Yoder of Cushman & Wakefield and brokers Kelly Givens and David Gordon of Savills arranged the all-cash deal.
It’s located in an area poised for redevelopment. In June, industrial real estate developer Prologis paid $310 million for Great America, the 112-acre theme park a few blocks away. It will operate for 11 more years, then close for good.
Developers are looking to build housing or office buildings on other properties in the area, according to the Mercury News.
DPR Construction is a co-developer of Southline, a 2.8 million-square-foot office and research campus for life science companies to straddle South San Francisco and San Bruno. The first of six buildings is expected to break ground early next year.
— Dana Bartholomew
Read more
Commercial
San Francisco
SummerHill sells stake in 347-unit Santa Clara project
Commercial
San Francisco
Related California scores $690M in loans for Santa Clara project