Thor Equities Enters Silicon Valley Market With $67M Buy
Thor Equities has moved into the Silicon Valley market with the $67M acquisition of Kaiser Permanente medical offices in Cupertino. Vereit sold the two-story, 100,325 SF building at 19000 Homestead Road for about $668/SF. Kaiser Permanente holds a lease at the property through February 2023. The offices are across from the Apple Campus 2, according to the Silicon Valley Business Journal.
Thor Equities owns several office properties in San Francisco and Oakland. This sale leaves Vereit with no office properties in the Bay Area, but it does still own five restaurants.
Vereit bought the 6.6-acre property in 2013 for $62.5M from MOF II Tantau Holdings. [SVBJ]