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1/26/15
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An entity of LA-based Held Properties has acquired the Honeywell Building, a 67.6k sf commercial office building in San Jose. Located at 3775 North First St, north of Tasman Dr and south of Hwy 237, the building was sold by Inland American for $14.4 mil ($213/sf).
The one-story building is situated on a 4.63-acre site and is fully leased to Honeywell Corporation’s RAE System division. RAE Systems is a leading global provider of rapidly deployable connected, intelligent sensor detection systems that enable real-time safety and security threat detection.
This transaction makes the first acquisition in California and the third transaction overall that Held has completed in the past 12 months. Bob Bower of CBRE represented the buyer, Chandler HFP LLC. Chip Sutherland, Scott Prosser, Sherman Chan and Jack DePuy of CBRE repped the seller in the deal.
Property management will be handled by Held Properties, a 68-year-old, second-generation firm. According to Held CEO Robert Held, the company views San Jose as having tremendous potential growth and will look to acquire more property in this marketplace.
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