Skip to main content

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

Written by Customer Service on . Posted in Mergers And Acquisitions.

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.
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 Partners
Soma 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 Partners
Atlas 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 Partners
jcaspari@soma-capital.comPhotos accompanying this announcement are available athttps://www.globenewswire.com/NewsRoom/AttachmentNg/499abd8e-41dd-4e4f-b873-0e439f7d9dfbhttps://www.globenewswire.com/NewsRoom/AttachmentNg/7a61bce7-ad79-4144-b932-1be152db7d0e

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.