JV downsizes in Silicon Valley

A joint venture between New York-based The Praedium Group LLC and California-based South Bay Development Co. recently sold the Coronado/Stender Business Park in Santa Clara, Calif., for $34.5 million.

Southern California-based Adler Realty Investments Inc. purchased the 227,600-square-foot property, which includes seven buildings on approximately 15.8 acres. The property was built in 1974.

The sellers had purchased the property in March 2005 -- their fifth joint venture -- for an undisclosed price.

At the time of sale, the asset was 100 percent occupied by tenants that included Integrated Device Technology, Toppan Photomask and Daystar Technologies.

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