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11/03/14
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Palo Alto-based Nearon Enterprises LLC paid $4 mil for a 3.1-acre light industrial, storage and yard facility in Sunnyvale. The property, located at 1276 Reamwood Ave, was sold by Berkeley Land Co.
Previously used as a distribution center for Berkeley Farms, this large paved parcel includes an 18.9k sf office and cold storage building, as well as a 22-position cross dock.
Transwestern Managing Director Edward Del Beccaro and Senior Vice President Scott Ellis represented the buyer in the deal. Drew Arvay and Fred Elder of Cassidy Turley repped the seller.
“With the surge in high-tech development in the region, there is a dwindling supply of sites that can accommodate light industrial users such as construction yards, transportation companies, and truck depots,” said Del Beccaro. “What made this an attractive opportunity for Nearon was its central location in Silicon Valley less than two miles from the new Levi’s Stadium. Nearon should be able to derive income from this investment opportunity in the near-term, while preserving the option to redevelop in the future.”
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