Newcastle Buys Great America Place from DJM Capital

DJM Capital Partners said Tuesday that it has sold Great America Place to Newcastle Partners for $45.8 million. The office campus is a  224,000-square-foot, three-building property located in the Golden Triangle in Silicon Valley.

PRESS RELEASE

DJM Capital Partners has sold Great America Place, an office campus in the heart of the Golden Triangle in Silicon Valley, to Newcastle Partners for $45.8 million. After acquiring the 224,000-square-foot, three-building property located at 5200 Great America Parkway directly across from the Santa Clara Convention Center and the Tech Mart in January 2007, DJM Capital invested in a significant renovation. In November 2009, it signed a 10-year lease for one of the buildings with a leading global provider of wireless solutions for fixed and mobile broadband networks, Harris Stratex Networks – now known as Aviat Networks. Subsequent to signing the lease, Aviat, whose goal at the new location was to reduce its carbon footprint by using clean alternative energy, partnered with DJM Capital to convert the building to on-site solar power and to incorporate additional sustainable programs to achieve LEED certification.

“At Great America Place we made some very attractive capital improvements to the property and did well with our leasing program, which positioned us to sell a stabilized and well-performing asset,” said D. John Miller, president of DJM Capital Partners. ”We have other premier office properties in our portfolio, but as we look to the next few years we are focusing on acquiring undervalued retail properties in coastal markets, to upgrade and reposition them to attract high quality tenants and realize their full investment potential.”

Among DJM Capital Partners’ other property investments in Northern California is the Ellinwood Corporate Center office complex in Pleasant Hill, Calif. The firm’s retail portfolio is comprised of a variety of retail community and lifestyle centers with a strong concentration in the Southern California region. A signature property is Bella Terra, an 800,000-square-foot retail center in Huntington Beach. DJM is currently underway on second phase of development at the site with The Village at Bella Terra, a mixed-use urban lifestyle district, consisting of a four-story, 467 unit apartment community and a 150,000-square-foot Costco.

Michael Leggett and Dave Karol of Holliday Fenoglio Fowler represented DJM in the sale.

About DJM Capital Partners, Inc.

Founded in 1992 by D. John Miller, DJM Capital Partners, Inc. is a leading private equity real estate investment group that focuses on enhancing undercapitalized real estate assets. Headquartered in San Jose, Calif., DJM provides its own development and asset management services. With expertise encompassing nearly all product types, DJM’s West Coast portfolio is valued in excess of $1 billion. Known for its aggressive growth strategy and entrepreneurial investment approach, DJM specializes in identifying and acquiring undervalued commercial properties throughout California. Additional information is available at www.djmcapital.com.