Soma Capital Partners Together with Atlas Real Estate Partners Completes Business Plan on Automation Parkway with Vacant Building Disposition

Two-building Silicon Valley campus was acquired for $36.0 million in 2017 and sold for $57.7 million in a two-phase execution.

October 16, 2020 9:00 AM EDT

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SAN FRANCISCO, Oct. 16, 2020 (GLOBE NEWSWIRE) -- Soma Capital Partners (“SCP”), in partnership with Atlas Real Estate Partners (“Atlas”), today announced the sale of 1710 Automation Parkway to Exeter Property Group and completion of the business plan for 280,000 square feet across two properties at 1704 & 1710 Automation Parkway (the “Properties” or “Campus”) in San Jose, CA.

1704 Automation Parkway
Soma Capital Partners and Atlas Real Estate Partners
1710 Automation Parkway
Soma Capital Partners and Atlas Real Estate Partners

SCP and Atlas acquired the Campus through a note purchase in 2017. 1704 Automation was leased within three months of the acquisition to ON Semiconductor, and sold shortly thereafter. 1710 Automation was occupied by Western Digital until December 2019, when the company vacated the property to consolidate operations. In 2020, SCP and Atlas completed an extensive repositioning of 1710 Automation, including demolition of clean rooms, market-ready improvements, landscaping upgrades, and outdoor tenant amenities. API Architects and Technical Builders handled the design and construction. Chip Sutherland and Sherman Chan of CBRE handled leasing for both properties.

Jordan Caspari, Partner with SCP, commented, “Automation Parkway presented us with an excellent opportunity in 2017 to buy at a discount and reposition/re-lease two well-located properties near BART and amenities with above-market infrastructure in the Valley.”

Arvind Chary, Principal with Atlas, added, “We viewed this as an opportune time to exit given the successful sale of 1704 Automation and risk-return trade-off with the vacant lease-up. 1710 Automation is an excellent piece of real estate, and the industrial sector is a bright spot in a challenging environment.”

Members of NKF who represented ownership in the off-market transaction included Steven Golubchik, Head of Capital Markets for Northern California, Edmund Najera, Vice Chairman, Darren Hollak, Associate Director, and Jack Phipps, Associate Director.

About Soma Capital PartnersSoma Capital Partners is a privately held real estate investment and advisory firm based in San Francisco, CA, managed by Jordan Caspari and Peter Horn. SCP invests in select West Coast markets across the risk-return spectrum on behalf of its institutional capital partners and has acquired approximately 2.5 million square feet of commercial property since inception in 2014. For further information, visit www.soma-capital.com.

About Atlas Real Estate PartnersAtlas Real Estate Partners is a privately held real estate investment firm headquartered in New York, NY, focused on value-add investments in multifamily, student-housing, and office assets throughout the United States. Atlas is led by Managing Principals, Arvind Chary and Alex Foster. Since its formation in 2009, Atlas has closed over 50 acquisitions with a total capitalization of more than $1B. Additional information about Atlas can be found at www.atlasrep.com.

Contact:                                                                        Jordan Caspari        Soma Capital Partnersjcaspari@soma-capital.com

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/499abd8e-41dd-4e4f-b873-0e439f7d9dfb

https://www.globenewswire.com/NewsRoom/AttachmentNg/7a61bce7-ad79-4144-b932-1be152db7d0e

SomaLogo.png

Source: Soma Capital Partners


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