(MILPITAS, Calif.) Duke Realty, a commercial real estate giant well known for buying properties for redevelopment, recently purchased Oak Creek Business Park in Milpitas for $60.5 million.
According to documents filed with the Santa Clara County Registrar’s Office, the three-building technology park was purchased by an Indianapolis-based subsidiary of Duke Realty.
The company would specialize in the development of e-commerce, industrial, logistics, research and technology campus buildings. Earlier this year, Duke Realty purchased a former glass factory in the Fruitvale neighborhood of Oakland. The company paid more than $34 million for the roughly 24-acre site, according to Mercury News.
In total, the Milpitas business park spans 215,200 square feet of prime South Bay real estate, according to the brochure compiled by Cushman-Wakefield brokers Gregory Davies, Erik Hallgrimson, Kelly Yoder and Steve Horton.
All three buildings are located along Sycamore Drive near Interstate 880.
According to court documents, the seller was an undisclosed Walnut Creek-based commercial real estate group.
Additionally, Duke Realty also purchased a site on Junction Avenue in North San Jose, where it proposed an extensive redevelopment of over 305,000 square feet on the 13.7-acre site.
In October 2021, Duke Realty and Peery Arrillaga entered into an agreement for an approximately 15-acre parcel near Highway 101 and Blossom Hill Road in South San Jose. Duke Realty reportedly paid more than $40 million for the two-parcel land, according to a deed filed with the Santa Clara County Recorder’s Office.
While it’s still unclear exactly what Duke Realty plans for the aforementioned parcels, the continued consolidation of high-value commercial real estate in the Bay Area will leave the Indiana-based company on the cusp of realizing a big profit when she finally sells.
“Duke Realty continues to invest heavily in coastal markets, particularly on the West Coast, where there is a need for state-of-the-art industrial space and infill redevelopment opportunities,” said Drew Hess, chief marketing officer for Duke. Realty’s Northern California. and Seattle area operations.