A tech campus in Santa Clara has been sold for nearly $21.2 million, only a fraction of its former assessed value of $80.1 million. The buyer, Four Corners Properties, an investment firm, completed the all-cash transaction amid ongoing challenges in the real estate market following the pandemic. The deal illustrates the economic difficulties still affecting the Bay Area, particularly in commercial real estate, which has significant implications for local governments and public schools dependent on property tax revenues, with worries that declining property values could damage tax income further.
The price that Four Corners Properties paid for the Santa Clara tech campus was just one-fourth of its prior value, highlighting continued economic struggles in the office market.
This real estate transaction underscores the challenges faced by Bay Area municipalities and public schools that rely on property taxes, which may decrease due to slumping commercial real estate values.
Collection
[
|
...
]