Nazareth Enterprises, Inc. Completes Acquisition of Medical Device Manufacturing Facility in Morgan Hill, California for $29.8 Million
Morgan Hill, Calif., November 21, 2016 – Nazareth Enterprises, Inc., a privately-held, diversified investment firm based in San Mateo, California, has completed the acquisition of a 152,553-square-foot flex building situated on 10.44 acres in Morgan Hill, Calif. for $29.8 million. Located at 18735 Madrone Parkway, the facility is 100 percent occupied by Paramit Corporation for its headquarters/research and development operations.
The Purchaser was represented by Abe Matar with Landmark Real Estate Services. The Seller, a private equity firm, was represented by Jeff Hughes, Zach Harris and Jonathan Ameen with Stan Johnson Company.
"This asset was highly sought after because of its headquarters, mission critical use for the tenant," said Harris. "While we received interest from all types of investors in multiple regions of the country, ultimately the Seller selected an experienced local, private company who understands the market and the criticality of the property for the Tenant moving forward."
“Financing was provided by Bank Leumi due to their ability to be creative in structuring debt to meet their clients’ needs and their ability to consistently deliver for us on multiple occasions in the past,” said Mounir Kardosh, President and CEO of Nazareth Enterprises, Inc.
Located in the San Jose-Sunnyvale-Santa Clara MSA in Santa Clara County, the property was developed in 2002 as a build-to-suit for Paramit Corporation and significant renovations were undertaken in 2014. The property features concrete construction, solar power, four dock doors and ample parking.
About Nazareth Enterprises, Inc:
Nazareth Enterprises, Inc. is a privately-held, diversified investment firm, with real estate assets and health-care holdings throughout Northern California. Through principled management and core operational skills, Nazareth Enterprises has successfully engineered an organization that supports the agility and focus of its individual operating companies by leveraging the strength and reach of the parent. Since the acquisition of its first business opportunity in 1976, Nazareth Enterprises has exhibited dynamic growth, based on its founder’s vision and commitment to fostering a quality environment that affords its residents, tenants, and associates, the opportunity to lead fuller, more productive lives while encouraging a strong sense of community.
About Stan Johnson Company:
Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses exclusively on net lease transactions involving retail, office, industrial, healthcare and sale-leaseback properties. The firm provides acquisition, disposition, capital markets and advisory services for institutions, developers, investment funds and private investors across the United States. Now in its fourth decade of serving as a trusted advisor to its valued clients, Stan Johnson Company has completed more than $30 billion in transactions nationwide and is regarded as the Net Lease Authority®. To learn more about Stan Johnson Company, please visit the recently enhanced website at www.stanjohnsonco.com.