NEW YORK, Nov. 8, 2021 /PRNewswire/ -- Machine Investment Group ("Machine") has acquired 1010 Rincon Circle in the North San Jose submarket of Silicon Valley. Machine partnered on the deal with Baudpont Capital, purchasing the property off-market from a private owner for $32.6 million. 1010 Rincon Circle is a Class A, 90,871 square foot R&D flex office building. The property is well-maintained and offers attractive physical attributes such as a two-story lobby with floor-to-ceiling glass windows, 16 foot clear heights, ample parking, and newly renovated outdoor amenities. The property is conveniently located 2 miles from New Milpitas BART Station, 3.5 miles from San Jose International Airport and a 5-minute walk to public transit.
1010 Rincon Circle is currently 100% occupied by Quanta Cloud Technology, a subsidiary of Quanta Computers, Inc. ("Quanta"), a Global Fortune 500 company publicly traded on the Taiwan Stock Exchange that has over 70,000 employees worldwide.
Machine Investment Group is a real estate investment platform focused on opportunistic, distressed and special situations across the United States. Founded by former senior executives from Garrison Investment Group, Machine invests primarily in the middle market, where its reputation as a reliable counterparty, its solutions-oriented approach and extensive lender relationships distinguishes the firm from its competition. Machine's strict risk discipline, institutional operating processes and well-developed sourcing network has been cycle-tested and is designed to deliver consistent, opportunistic returns while minimizing losses. Since inception in July 2020, Machine has closed on six acquisitions, with 1010 Rincon Circle being the second acquisition in San Jose, California.
Chris Formichella of Terrydale Capital advised Machine and Baudpont on the transaction.