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5/18/16
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Griffin Capital Essential Asset REIT II Inc has purchased 350 E. Plumeria Drive, a two-story, 142.7k sf office / R&D building in San Jose, for $44 mil ($308/sf). The property was sold by KBS Real Estate Investment Trust II (KBS REIT II).
The property is 100 percent leased through 2025 to NETGEAR, a networking technology company providing products to consumers, businesses, and service providers. The firm inked a 10-year deal for the building in the second half of 2015, in a transaction RENTV valued around $30 mil, at the time.
The building sits on over eight acres in Silicon Valley’s desirable “Golden Triangle area.” It is west of I-880 and south of Montague Expwy, just off Zanker Rd.
The property’s layout allows for a broad array of uses including office, high-tech manufacturing and assembly. The design of the building allows it to accommodate either multiple- or single-tenant occupancies. The parking can accommodate 503 vehicles.
350 E. Plumeria Drive is within one mile of the VTA Light Rail and near Mineta San José International Airport, the SAP Center and executive housing. Located in north San Jose, Silicon Valley’s most diversified technology market, the building is easily accessible by Highway 101, Interstate 880 and California State Route 237.
KBS REIT II acquired the property in December of 2008. Eastdil represented KBS REIT II in this latest sale transaction.
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