SANTA CLARA — Intel has sold a Santa Clara industrial and commercial building to a veteran Bay Area real estate firm that is already seeking one or more tenants to occupy the site.
DiNapoli Family LP, an affiliate whose principal executives include veteran Bay Area developer John DiNapoli, paid $10 million to buy from the tech titan a building at 1501 Martin Ave. in Santa Clara, documents filed on Nov. 7 with the Santa Clara County Recorder’s Office show.
“We’re going to get the building cleaned up and get it leased again,” DiNapoli said in an interview with this news organization. “We like owning real estate in Santa Clara, and we like this building.”
The deal arrives at a time when Intel has been taking steps to rein in costs, including hundreds of job cuts that have affected workers in the South Bay and Sacramento County.
CBRE commercial real estate brokers Nick Whitstone, Andy Trillo, Taylor Huyghue, and Ian Halker arranged the transaction.
The building totals 37,800 square feet, according to a CBRE marketing brochure. CBRE broker Brian Matteoni is marketing the building to prospetive tenants, according to DiNapoli.
The DiNapoli real estate firm has been active in Bay Area real estate for decades.
In 2018, the DiNapoli firm sold to Adobe a site where the cloud services titan built a cutting-edge and landmark office tower in downtown San Jose at 333 W. San Fernando St.
The DiNapoli company in 2019 bought a parking lot at 95 South Almaden Ave. in San Jose, a prime site that could be developed at some point.
Also in 2019, the DiNapoli firm sold to an old commercial building and an adjacent site at 200 Park Avenue to Jay Paul Co., which developed an office tower that has become an iconic and eye-catching addition to the downtown San Jose skyline.
As for the just-completed 1501 Martin purchase in Santa Clara, DiNapoli said his company is well-versed in handling these kinds of properties.
“We see this as part of our core portfolio,” DiNapoli said. “We own a large number of industrial buildings and this fits in with those.”
