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12/16/20
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TA Realty has purchased a fully leased, 82.9k sf industrial property in San Jose for $26.6 mil, or $321/sf. The newly constructed property, located at 2144 Oakland Rd, is leased to The County of Santa Clara.
The building features five dock height doors, approximately 30-foot minimum clear heights, four grade-level doors and an ESFR fire suppression system. 2144 Oakland Road is centrally located to both the 880 and 680 freeways, providing efficient access to the property from surrounding areas.
Steven Golubchik, Edmund Najera, Jonathan Schaefler, Darren Hollak and Jack Phipps wtith Newmark represented the seller, Panattoni Development Company Inc.
“2144 Oakland Road offers what investors are seeking in a post-COVID-19 market – investment grade tenancy, 12+ years of lease term and newly constructed industrial product in a core location,” said Najera.
The Silicon Valley industrial market continues to experience consistent leasing activity, recording nearly 2.7 msf of gross absorption in 2020 year-to-date, according to Newmark Research. The region’s vacancy rates have remained steady during the global pandemic with just a 4.22% vacancy rate.
The San Jose submarket in the third quarter had the best performance within the Silicon Valley area, with a positive net absorption of 91.4k sf and steady NNN asking rents at $1.30 per square foot.
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