Your Commercial Real Estate Source in the San Francisco Bay Area
By Randyl Drummer
Bankrupt solar panel maker Solyndra LLC has agree to sell its former headquarters and manufacturing plant to storage media maker Seagate Technology Plc for $90.3 million, according to U.S. Bankruptcy Court documents.
As reported by CoStar in February, Solyndra hired Jones Lang LaSalle Inc. to market the property at 47488 Kato Road, in Fremont, CA.
JLL formally marketed the $300 million property built in early March 2012 and distributed the property on its
global property network with specific emphasis the high-tech manufacturing sector. providing the marketing information to tens of thousands of CRE brokers throughout the world through CoStar, LoopNet and broker blasts, according to the filing.
The property drew interest from U.S., Chinese and European companies involved in solar energy, medical-related products, data centers and other technologies that need a clean manufacturing environment, court documents said.
Seagate came in with an offer that will function as a “stalking horse” bid or an initial bid that could be topped by a competing offer of at least $1 million more at auction.
On Aug 16 after extensive negotiations, Solyndra entered into the purchase agreement with the buyer subject to a court-approved sale process and subject to the submission of higher and better offers to buy the property, including the assignment of certain contracts and leases.
The court will hold a hearing to set the auction terms on Sept. 24. Seagate would be entitled to a breakup fee of $1.8 million should the offer not be accepted.
Read CoStar article here.