SUNNYVALE, Calif. – Trumark Commercial announced today it has sold a 130,000-square foot office building in Silicon Valley the company acquired last year and was in the process of renovating.

Trumark purchased the two-story building at 645 Almanor Ave in the Peery Park area of Sunnyvale in Silicon Valley in May, 2010. The property, which was built in 1972 and has been vacant for several years, comprises approximately seven acres southwest of the intersection of Highway 101 and N. Mathilda Ave. The building was purchased by a division of St. Jude Medical, Inc.

“We were fortunate to be in a position to acquire this building when the market was extremely difficult a year ago,” said Gregg Nelson, a principal and co-founder of Danville, Calif.-based Trumark Commercial.

“When we closed we had a vision of what could be, even though the market was bad. We were fortunate to be able to pull it off. We had an equity partner (Harbert Management Corporation) who had the vision and was willing to take the risk with us. Even though it’s an older building, it had good structural integrity and was well-built.”

Trumark intended to spend several million dollars to renovate the property and transform it into a modern building to accommodate offices and research and development operations.

Plans were to wrap the building with glass and aluminum and cut in new windows to bring in more light. Asbestos contamination and mold intrusion also had to be dealt with. However, Trumark received an offer from St. Jude while the demolition and remediation process was still underway.

“As we proceeded forward with our renovation program the market began to improve; the buyer is acquiring it at a great point in time in terms of the recovery,” said Ron Winter, a principal of Trumark. “It has great frontage on Highway 101 and is in a prime location in Silicon Valley.”
The transaction reflects Trumark Commercial’s commitment to growth. “We are actively looking for other properties to move on,” said Zach Haller, Trumark’s senior vice president of acquisition.

The all-cash transaction was brokered by Jeff Ramirez and Christine Slonek from Cornish and Carey and Mike Michaels and Gerald Porter of CresaPartners.

About The Trumark Group of Companies

The Trumark Group of Companies is a diversified real estate developer and builder with expertise in land acquisition, homebuilding, community design, entitlements and office, R&D and retail development. Trumark Companies is the residential development arm of the organization and operates in Northern and Southern California. Trumark Commercial, which builds, leases and sells commercial buildings, operates in the northern portion of the Golden State. Trumark Homes builds high-quality homes at competitive prices throughout California and has positioned itself for the housing market rebound. Additional information is available at www.trumark-co.com