SUNNYVALE, CA--(Marketwire - Sep 2, 2011) - Trumark Commercial announced today that it has acquired a 3.15 acre parcel at 690 East Arques Avenue in Sunnyvale, Calif. The property includes a two-story office/R&D building of 65,000 square feet. It is located along the Central Expressway less than two miles from the Southbay (237) and Bayshore (101) Freeways and just a quarter-mile from the Caltrain commuter rail.
"This property represents an exceptional opportunity," explained Ron Winter, principal for Trumark Commercial. "The market perception has been that the former owner was not particularly motivated to lease or sell the building. We've planned $1.3 million in renovations and upgrades that will dramatically improve the curb appeal of the property as well as a fresh marketing campaign, which we expect to considerably increase the activity on the building."
The layout of the existing structure provides flexibility to meet potential tenant demand with two approx. 32,000 square foot floor plates, which can easily accommodate one full building tenant or two single floor tenants. The timing for the acquisition is ideal, coming as area leasing and occupancy rates are both trending up.
The property, which has been unoccupied for several years, is open for tours and ready for immediate occupancy. The renovation and upgrade work is expected to commence immediately with completion by February.
In addition to new carpet and paint throughout the building, the company also plans to add a conference room, renovate the restrooms, and update the interior building details. Both floors have 10-foot ceilings with clear heights up to 15 feet.
The exterior transformation will include a makeover to the building facade and adding additional glass to bring in more natural light. The lobby will be expanded and opened to the second floor with an all-glass main entry. There is currently parking accommodation for 230 cars.
The landscaping, which is outdated and drab, will also receive a much-needed facelift. Existing trees will be thinned and new flora will be added.
Brokers are Ken Candelaria and Gregory Davies with Cassidy Turley and Al Guggenheim and Gary Nailon of Guggenheim Realty Group. Equity partner is Harbert Management Corporation. General contractor is Hollander Smith Construction and the architect is Vitae.
For more information, Zack Haller of Trumark Commercial at (925) 309-2511. www.trumark-co.com
Contact Information:
Contacts:
Genevieve Anton
Anton Communications
714-544-6503
www.antonpr.com