"A high-profile real estate firm has bought a Palo Alto office building from another firm in a deal that shows some buildings in prime Bay Area locations can still attract investors."
"Strada Investment Group, acting through an affiliate, purchased the 60,000-square-foot building at 3350 West Bayshore Rd. for $29 million, documents filed on Dec. 17 with the Santa Clara County Recorder's Office show."
"Strada Investment Group's expertise includes work on a wide-ranging redevelopment of The Shops at Tanforan in San Bruno and acting as the development manager for Chase Center in San Francisco."
Strada Investment Group, through an affiliate, paid $29 million for a 60,000-square-foot office building at 3350 West Bayshore Rd. in Palo Alto. County records filed Dec. 17 show Alexandria Real Estate sold the 4.1-acre site. The purchase underscores continued investor demand for properties in prime Bay Area locations despite market challenges. The building occupies a prominent West Bayshore Road position and adds to Strada's portfolio of significant developments. Strada has experience on large Bay Area projects, including a wide-ranging redevelopment of The Shops at Tanforan in San Bruno and serving as development manager for Chase Center in San Francisco.
Read at www.mercurynews.com
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