Blackstone Buys Power-Rich Sunnyvale Nvidia Plant
Why this matters
Commercial real estate continues to digest a multi-year reset in cost of capital. Transaction velocity is below the 2019-2021 trend but improving, cap rates have stabilized across most stabilized property types, and the bid-ask gap has narrowed materially in the past two quarters. Sponsors with permanent capital and operating platforms have an advantage in the current execution environment. The next twelve months will continue to reward underwriting discipline and operational sophistication over balance-sheet aggression.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
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Computed from Real Estate Trail’s own tracked coverage
Blackstone bought a 134,000-square-foot manufacturing plant in Sunnyvale for $95 million. Nvidia is a tenant of the building and will stay where they are. The property at 350 Cobalt Way was built in 1978 and upgraded…
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