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6/29/18
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Willyo Properties has purchased a 196.5k sf, R&D/manufacturing building in South San Jose for $35.3 mil ($180/sf). The NNN-leased, multi-tenant building, located at 5500-5550 Hellyer, east of Hwy 101 off Silver Creek Valley Rd, was sold by DivcoWest Silicon Valley.
The high-image, partial two-story building features a mixture of open office, lab and manufacturing space. Built in 2000, the building is 100% leased to three tenants.
The property is located just one mile north of the Hwy 101/Hwy 85 intersection, 1.6 miles from the Blossom Hill Caltrain station and a little over two miles from the Cottle Road VTA Light Rail station, offering ease of access throughout Silicon Valley.
Additionally, 5500-5550 Hellyer Ave is in proximity to several new residential developments across Hwy 101 at the Cottle Transit Village, and less than two miles from the Village Oaks Shopping Center with over 20 retail and dining options including Panera Bread, Safeway, Target and FedEx Office.
CBRE’s Scott Prosser, Joe Moriarty and Jack DePuy represented the seller in the deal. According to Prosser, the building provides stable occupancy with committed tenants, thanks to a new 10-year lease and two other tenants that have been in the building since 2008.
South San Jose continues to attract tenants seeking alternatives from Northern submarkets due to the demolition of R&D buildings for new development and record-high lease rates. As a result, companies have leased or purchased over 1 msf of space over the last 24 months, limiting supply for R&D space in South San Jose.
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