JER Partners has sold three vacant industrial units in its Bayside Technology Park portfolio as it attempts to delever the California assets.
The McLean, Virginia-based firm said it had sold 46859, 46875 and 46889 Bayside Parkway to a corporation planning to relocate its operations from San Jose, in California to Fremont.
JER acquired the properties between September 2005 and June 2006 in a joint venture with San Francisco- Bayside
According to data provider Real Capital Analytics, the duo bought a portfolio of industrial assets from Renco Investment Company for more than $320.4 million over 10 months in 2005 and 2006, including 1.4 million-square-foot of research and development space in Bayside Technology Park.
JER said in a statement the three vacant buildings totalled 196,000-square-foot of space. The sale of the properties follows the disposition of another eight properties from the Renco portfolio. JER now has eight buildings remaining, totalling 544,960-square-foot.
RCA data shows JER sold 47900 Bayside Parkway to HRPT Properties Trust for $57.5 million in March last year, and resold 313,000-square-foot of property at Bayside Technology Park to Legacy Partners in March 2006 for $58.7 million after originally acquiring it from Renco the previous September.