This article originally appeared in The OC Register
January 29, 2020
Newport Beach-based Buchanan Street Partners has acquired a two-building tech park in the Bay Area for $26.2 million.
Newark Tech Park is a 99,716-square-foot, two-building office and life science project at 8000 and 8100 Jarvis Ave. in Newark.
“The distinct advantages of this location – combining proximity to Silicon Valley decision-makers with accessibility to the affordable housing of the East Bay – has fueled a micro-market of tech, life science, and advanced manufacturing users,” said Bob Dougherty, Executive Vice President at Buchanan Street Partners.
The firm said it plans to make significant upgrades so the complex wold appeal to life science and tech users.
Buchanan financed the deal by assuming an in-place commercial mortgage-backed securities loan on 8000 Jarvis and securing a new bank loan on 8100 Jarvis. Peter Thompson of Jones Lang LaSalle assisted with the bank financing.
Grant Lammersen, Steve Golubchik, Tyler Myerdirk, and Edmund Najera of Newmark Knight Frank listed the property on behalf of the seller, New York-based Time Equities.