apple-leased-cupertino-buildings-bought-for-nearly-$100-million

SAN JOSE — Apple as a tenant remains a powerful drawing card for real estate investors: In a string of deals valued at nearly $100 million, buyers from Silicon Valley have bought six Cupertino buildings that Apple is leasing.

The buyers of the buildings are listed as being based at a north San Jose address where small businesses are operating, public documents show.

The seller, Real Estate Trust at Silicon Valley Community Foundation, describes itself as an endeavor that handles donations of properties.

The buildings that were purchased are older structures including office and research buildings and a fitness center, all rented by Apple, property documents and real estate records show.

The buyers paid a combined total of $98 million for the six buildings, according to documents that were filed at the Santa Clara County Recorder’s Office on Oct. 22.

Brokers Scott Prosser, Jack DePuy, and Russell Ingrum of CBRE, a commercial real estate firm, arranged the transaction.

The Cupertino buildings that have just been bought are at 20650 Valley Green Drive, 20730 Valley Green Drive, 20740 Valley Green Drive, 10627 Bandley Drive, 10231 Bubb Road, and 10341 Bubb Road, assessment records show.

The buyers paid different prices for the portfolio of Apple-leased sites, property records show:

— Hsiao-Yi Chen, through an affiliate, paid $50.2 million for three Cupertino buildings at 20730 Valley Green, 20740 Valley Green, and 10627 Bandley.

— Yu-Lin Chen, via an affiliate, paid $24.8 million for a building at 20650 Valley Green.

— Te-Ning Chen, through an affiliate, paid $13.6 million for a building at 10341 Bubb Road.

— Wei-Lun Chen, using an affiliate, paid $9.4 million for a building at 10231 Bubb Road.

The buyers all are based at 2247 Ringwood Ave. in north San Jose, state records show.

In recent years and weeks, real estate investors have snapped up buildings that Apple is renting.

In 2017, Sunnyvale Research Center, a big tech campus that Apple has leased, was bought for $100 million.

In September, four Apple-rented buildings on Bubb Road in Cupertino were bought for $74 million.

 

 

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By Richard Moran

Richard Moran loves to write about sports with the Golden State Online. Before that, he worked as a senior writer at ESPN. Richard grew up in San Diego and graduated from the University of San Diego in 2004, after which he worked as an editor for five years.

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