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5/25/16
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KBS Strategic REIT II closed on the acquisition of Lincoln Court, a 123.5k sf, Class A office building in Campbell, a suburb of San Jose within Silicon Valley’s West Valley, for $51.5 mil, or $417/sf. The three-story building is located at 2105 South Bascom Ave, just east of Hwy 17.
Currently 98 percent leased, Lincoln Court was recently renovated, offering an updated lobby, interior finishes, and a courtyard with Wi-Fi, a fountain and several seating areas. The property offers a two-level parking structure with 474 parking spots and a 3.8/1,000-square-foot parking ratio.
Lincoln Court is conveniently located near public transportation, as well as Highway 17, connecting to Highway 85, Interstates 280 and 880 and Route 1. The property is also situated 10 minutes from San Jose International Airport and one block from Pruneyard, a 250k sf lifestyle center. Tenants can easily access downtown Campbell less than a mile from Lincoln Court, providing many shopping and dining options.
“Lincoln Court’s prime location within the West Valley submarket coupled with its proximity to nearby amenities make it an attractive offering for tenants,” said Michael Potter, vice president and asset manager at KBS. “We believe that the property’s offerings and the high demand for office space in Silicon Valley will make Lincoln Court a strong addition to the KBS Strategic Opportunity REIT II portfolio.”
Silicon Valley is home to the largest concentration of technology expertise in the world and provides access to venture capital, a strong workforce, prominent universities for recruiting, and a variety of housing options.
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