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4/28/15
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Drawbridge Realty paid $37.5 mil for a two-building, 160k sf office/industrial complex in San Jose. The property, located at 5300-5350 Hellyer Ave, is 100% NNN leased through May 2022 to Cobham Electronic Systems, a wholly owned subsidiary of Cobham plc.
The 60k sf, two-story office and 100k sf, single story of R&D/Manufacturing space serves as the western US headquarters for Cobham which has occupied the property since it was first constructed as a build-to-suit in 2000. This location provides Cobham, an industry leading developer and manufacturer of RF, microwave, and millimeter wave products, great employee accessibility as well as an ease of distribution for their products manufactured on site.
"The acquisition of Hellyer fits well within our profile of acquiring mission critical properties leased long-term to large corporate users," said Bill Doyle, Assistant Vice President of Investments at Drawbridge Realty. The South San Jose submarket is seeing increased leasing activity due to supply and pricing constrains in the northern valley submarkets.
The seller, Hellyer Avenue Limited Partnership, was represented by Joe Moriarty of CBRE.
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