In the News

August 13, 2015

CBRE Secures $19.5 Million Financing For Acquisition Of 3100 North First Street In San Jose, Ca

CBRE Secures $19.5 Million Financing For Acquisition Of 3100 North First Street In San Jose, Ca

San Francisco, CA – August 13, 2015 – CBRE Capital Market’s Debt & Structured Finance team has arranged $19.5 million in balance sheet financing for 3100 North First Street, a 99,424-square-foot, two-story, 100% leased office building located in North San Jose, California.

CBRE arranged the five-year, non-recourse, floating-rate financing at a competitive spread priced over 30-day LIBOR. The financing was provided by a California based bank with an extensive track record financing commercial real estate located in Silicon Valley.

Brad Zampa, Michael Walker and Megan Woodring of CBRE’s San Francisco office arranged the financing on behalf of the borrower, Vista Investment Group.

Broadcom Corporation (NASDAQ: BRCM), the property’s sole tenant, has an S&P Investment Grade credit rating of A- and was recently acquired by Avago Technologies for $37 billion. Their lease term expires in February 2019 and has a termination option effective March 2017. With in-place contract rents approximately 26% below today’s R&D market rent, a sizable mark-to-market opportunity is presented upon lease expiration.

Located at 3100 North First Street, the two-story office complex is 100% leased and features a tranquil enclosed courtyard, a newly renovated lobby and parking structure with 330 spaces for tenant use. The building is conveniently located minutes away from Highways 237, 101, and 87 as well as Interstates 880 and 680.The Valley Transportation Authority’s (VTA) Orchard light rail is close in proximity and provides a key link to the Bay Area’s mass transit.

Companies enjoy a competitive advantage by establishing a presence in San Jose due to its concentration of a highly skilled, well sought after employee base that is able to enjoy a wide array of exciting cultural, recreational, and educational opportunities while living and working in the city. Due to the high quality and relative value offered by North San Jose, a number of large corporate users have established a footprint in the area.

About Vista Investment Group Vista Investment Group, LLC (VIG) is a privately held commercial real estate investment firm founded by Philip and Jonathan Barach. Headquartered in Los Angeles, the company is primarily focused on value-add strategies in multi-family and office in major West Coast markets.

About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at

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