Apple's Selling Power
We just caught word of a two-building investment sale in Cupertino. One building is occupied by Apple on a longer term lease and the second is a multi-tenant building. The two buildings total 40k SF and sold for $17.2M. Cornish & Carey's Dave Austin and Mark Ziemendorf repped the seller, a local private investor. The buyer was Trans Contintential Real Estate Investment Corp, a local investment group.
Here's a pic of Dave's '56 Chevy Belair, just because. The properties sit at 20085 and 20111 Stevens Creek Blvd. The Cupertino market is a very desirable one, notes Dave, and properties do not change hands often. The Apple HQ is within a half mile of the property. The price per SF and a sub-five cap rate reflects the strength of the market, he says, adding that there is strong interest from investors to own Cupertino real estate.
