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9/26/14
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Shorenstein Properties has purchased the first phase of Champion Station, a four-building, low-rise office and R&D campus in North San Jose. The property, located at 110-180 West Tasman Dr, was sold by TMG Partners and Fortress Investment Group. Although the price was not given out, industry sources estimate the property traded for near $100 mil.
The four buildings, totaling 426k sf, are currently fully leased to Cisco on a short-term basis.
“This is an opportunity to reposition a well-located campus in a market with strong leasing demand and a dearth of available blocks of office space to accommodate large users,” said Douglas W. Shorenstein, CEO and Chairman, Shorenstein Properties LLC.
Champion Station is located in North San Jose, in an area that has seen significant ongoing capital investment by both public and private investors. The property is approximately 1.5 miles from Levi’s® Stadium, the recently opened home of the San Francisco 49ers, as well as extensive retail and restaurant amenities.
Two major mixed-use developments, totaling more than $7 bil, have been proposed nearby and at least one of those developments is anticipated to begin construction in 2016.
In addition to its location close to housing and workplace amenities, Champion Station is surrounded by several transit alternatives including public transit (light rail, bus, Amtrak, Caltrain, free shuttles) and is within easy access of Highways 101, 237 and 880 and other major thorough fares linking the property to San Francisco, the Peninsula, East Bay and downtown San Jose.
The property is adjacent to the Valley Transportation Authority’s Champion Station light rail stop with trains linking to Caltrain, Bay Area Rapid Transit’s (BART) future Silicon Valley extension and San Jose Mineta International Airport.
Champion Station is the first investment to be completed for Shorenstein Realty Investors Eleven, a closed-end investment fund formed earlier this year with $1.22 bil in committed capital from Shorenstein and its investors.
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