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Sand Hill Pays $52.5M for Palo Alto Site

San Jose

The 10-acre site at 3251 Hanover St in the Stanford Research Park in Palo Alto was sold by Lockheed. Sand Hill has been bullish on the park, previously picking up three different sites, all of which are on ground leases as Stanford retains ownership in the 700-acre park, reports the Silicon Valley Business Journal. Other companies also are drawn to the site, as a 292k SF office/R&D campus (above) at the park was picked up in March by Morgan Stanley’s Prime Property Fund. [SVBJ]