Praedium partners up for $26m buy.

The Praedium Group LLC announced a joint venture acquisition with Campbell, CA-based South Bay Development Company to purchase the Coronado-Stender Business Park located in Santa Clara, CA for $26 million or $113 per square foot.

The seven building property is located at 2900, 2901, 2950, 3000-3032, and 3001 Coronado Drive and 2902 and 2972 Stender Way.

Built in 1974, the property is located on 15.75 acres in the center of Silicon Valley and offers 227,600 total square feet in seven single-story buildings. At time of purchase, the property was 100 percent occupied. Major tenants include Integrated Device Technology (IDT) and DuPont.

Chris Hughes, Principal at Praedium stated, "We continue to see opportunity in this market as its economic revival continues to build."

Mark Regoli, Partner of South Bay, said, "We offer on-the-ground insight into the opportunities available in Silicon Valley. This is our second successful pairing with Praedium on an office park transaction in the area and we look forward to working together again."

South Bay Development acquires, develops and owns commercial property for its own account and in partnership with a variety of institutional investors. Focusing entirely in California it is considered a leading manager and developer of office, industrial, and R&D product.