November 12, 2009
Harris Stratex Networks (HSTX: N/A N/A) has leased the vacant 128,000 square foot Great American Place building. The company is moving its facilities from 120 Rose Orchard in San Jose.
The Great American Place/Plaza is a 3-story project sitting at 2903-2933 Bunker Hill and 5200 Great America Parkway (where Harris Stratex is going). The total project is 227,585 square feet on about 9.5 acres.
The asset was acquired at the peak of the market by DJM Capital for approximately $40M and soon thereafter about $4M in CapEx was poured into the project.
Though not a cheap deal for DJM to get, they managed to bag a tenant and most likely stave off foreclosure.
This deal is another example of lateral movement in the marketplace, rather than an accretive one.
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