JP Morgan is expected to pay $215 million for the controlling interest in the former Sun Microsystems campus at Network Drive in Burlington’s Northwest Park, according to sources familiar with the deal.

The sale will be one of the most notable suburban deals since Boston Properties purchased Bay Colony Corporate Center in 2010, industry experts told Banker & Tradesman.

The approximately 844,000-square-foot campus is owned by a joint venture of Minnesota-based CarVal Investors and Burlington’s Nordblom Co., which will retain its minority stake.

The joint venture purchased the seven-building portfolio in 2007. Now, the CarVal fund used to purchase the campus is closing out, so the firm needs to sell the assets and pay investors. Which is likely just fine with CarVal, according to sources that asked for anonymity.

That’s because the more than $250 per-square-foot the property is fetching is "a very big price per-square-foot for the suburban market," said one industry insider. Next, the owners led the charge in Burlington from 2009 to early 2011 in securing tenants for the campus after Sun Microsystems chopped its footprint in half. Sun was subsequently purchased by business software company Oracle.

The campus, which Sun built in 1998, is now about 95 percent occupied by companies like Avid Technology, Oracle and biotherapy developer Dyax. It also includes development rights for a potential build-to-suit property upwards of 200,000 square feet.

"Today’s tenants are drawn to high-quality, amenity-rich work environments, be it downtown or in primary suburban markets," said Ben Sayles, director for Holliday Fenoglio Fowler in Boston. "Network Drive is one of the highest quality assets within the suburban marketplace, and as a result, there is significant institutional capital for such a premium asset in such a premium location."

The property, though 14 years old, is still considered some of the best real estate along Route 128, said Duncan Gratton, senior managing director at Cassidy Turley FHO in Boston.