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San Jose Office Building Trades in $21.5 Mil Deal

9/29/17

Nautilus Global Investment has acquired a Class A, two-story, 84.2k sf office/R&D building in San Jose for $21.5 mil ($255sf). The building, located at 1704 Automation Pkwy, is 100% NNN leased to Quantenna Communications Inc for over seven years, in a deal that started in October 2017.

The two-story building, built in 1997, sits on 5.6 acres on Automation Pkwy and has recently undergone renovations, including a two-story lobby and exterior upgrades. The location is in proximity to Brokaw Road/Murphy Avenue/Hostetter Road, a main thoroughfare that connects Interstates 880 and 680, which directly connects to Highways 101, 237, and 87 and Interstate 280. It provides excellent access throughout the Silicon Valley and the greater Bay Area. This strategic location allows employers to draw employees from the east and west sides of the San Francisco Bay Area.

In addition, 1704 Automation Parkway is situated just over two miles from the soon-to-be-completed Milpitas BART Station. The station is anticipated to open in late 2017, and will be served by two BART lines that operate every 7.5 minutes. The Property is also located just under two miles away from the under-construction San Jose Berryessa BART Station. System testing will begin at the end of the year with the station anticipated to open in 2018.

Scott Prosser, Joe Moriarty and Jack DePuy with CBRE Capital Markets represented the sellers, Soma Capital Partners and Atlas Real Estate Partners. Chip Sutherland and Sherman Chan, also with CBRE, arranged the lease with Quantenna on behalf of Soma/Atlas.

North San Jose, International Business Park and Milpitas have been experiencing tremendous growth in residential development as a result of progressive planning and transportation policies. A total of 13,800 new residential units have been recently completed, are under construction or are in the planning/proposed phases in North San Jose and Milpitas. Increased demand for higher-end amenities has emerged in response to the influx of high-paying jobs and modern housing options.




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