Busy investor grabs Mountain View office buildings at big discount

"MOUNTAIN VIEW A busy real estate firm that just bought a big tech campus in the South Bay has now grabbed two more office buildings in the vicinity, this time at a hefty price discount. PSAI Realty Partners, in the most recent deal, has paid about $12.9 million to buy two adjacent office buildings in Mountain View, documents filed on Feb. 3 with the Santa Clara County Recorder's Office show."

"The buildings are at 335 and 345 E. Middlefield Road and are less than a mile from a five-building office campus, also in Mountain View, that PSAI Realty bought on Jan. 20 for $193 million. The January acquisition involved an office hub totaling 289,000 square feet, commercial real estate databases show. The two buildings in the latest deal total 31,200 square feet, according to marketing materials circulated by Colliers, a commercial real estate firm that has been attempting to find tenants for the sites."

"PSAI Realty bought the latest buildings at an attractive price compared with their prior values, county property records show. In 2017, the seller in the deal paid $24.8 million for the two Middlefield buildings. This means PSAI Realty paid 48% less than the prior price for the property. This also suggests that the property might suffer a decline in its assessed value."

PSAI Realty Partners purchased two adjacent Mountain View office buildings at 335 and 345 E. Middlefield Road for about $12.9 million. The properties total 31,200 square feet and sit less than a mile from a five-building, 289,000-square-foot campus PSAI bought Jan. 20 for $193 million. Colliers circulated marketing materials and has been seeking tenants for the sites. County records show the buildings previously sold for $24.8 million in 2017, indicating PSAI paid roughly 48% less. The lower sale price could lead to reduced assessed values and strain property-tax revenues for local agencies.

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