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October 23, 2018
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San Jose Mixed-Use Campus Sells in $284 Mil Transaction

7/26/18

In one of the largest commercial real estate sales so far this year in Silicon Valley, San Francisco-based Jay Paul has purchased Cityview Plaza, an 11-acre, 579.5k sf mixed-use project in downtown San Jose, for $283.5 mil. The property was sold by an Equus Capital Partners Ltd affiliate, Park Center Plaza Investors.

Cityview Plaza consists of 534k sf of office space, 45.5k sf of retail space, a 138k sf plaza and 1,071 parking stalls. The property spans an entire city block directly across from the Adobe Worldwide Headquarters and provides immediate access to both Caltrain and a planned BART. Cityview Plaza is located blocks from downtown light rail stops and about a mile from the Diridon Transit station.

The complex was recently renovated by Equus. Amenities include a new fitness center and conference center, along with new landscaping featuring outdoor seating and a central plaza fountain. Retailers include Bank of America, Wells Fargo Bank, Heritage Bank, Morton’s Steakhouse, Peggy Sue’s and Specialty’s Bakery & Café.

Google has already announced plans to inhabit 8 msf of office space close to the property which is estimated to bring 20,000 new Google employees to the area. Other companies, such as Adobe, have also earmarked Downtown San Jose as growth location. Adobe plans to develop additional office space in downtown, adding an estimated 10,000 jobs to the area.

NKF Capital Markets Vice Chairman Steven Golubchik, Executive Managing Director Edmund Najera and Senior Analyst David Hosler represented Equus Capital Partners in the transaction.

“Downtown San Jose is one of the only true urban submarkets in the Bay Area outside of San Francisco. With one of the largest Caltrain stations and a BART line under development, Downtown San Jose will be one of the most easily accessible and interconnected locations in Northern California making this a strategic investment,” said Golubchik.





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