LOS ALTOS — A Los Altos office building that suffered a foreclosure was bought by a Bay Area real estate firm that is becoming active in purchasing local office hubs at discounted prices.
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At 4410 El Camino Real and just a few miles from Stanford University, the building was bought by an affiliate of Peninsula Land & Capital for $26.9 million, according to documents filed on July 29 with the Santa Clara County Recorder’s Office.
Scott Prosser, a vice chairman of commercial real estate firm Cushman & Wakefield, arranged the building’s purchase.
In January, American National Insurance Co. seized the building through a speed foreclosure proceeding, according to a filing with the Recorder’s Office.
An affiliate of Briggs Development bought the building in 2018, paying $20.3 million. The loan that was foreclosed was issued in 2018 and totaled $18.4 million.
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Briggs Development renovated the 37,100-square-foot building in 2019, spending $7.4 million.
Peninsula Land & Capital and its sibling company Menlo Land & Capital, Palo Alto-based real estate firms that are headed up by business executive Roger Fields, have both been busy of late purchasing Bay Area office sites at relatively bargain prices.
In May, Menlo Land & Capital paid $24.6 million for a Campbell office building at 2105 South Bascom Ave., a price below its assessed value.
On July 1, Peninsula Land & Capital paid $25 million for a North San Jose office hub at 2001 and 2005 Gateway Place, also a considerable discount to its prior assessed valuation.
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