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9/18/24
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A 64k sf R&D/office building in San Jose traded hands in a $10.8 mil ($169/sf) transaction. The property was sold by The RMR Group.
The single-story building sits on 4.27 acres at 3939 N. First Street. It features modernized interiors, including the lobby, tenant spaces, kitchen/breakroom area, and extensive lab infrastructure. The building offers 3,000 amperes of power and rear-covered dock loading, ideal for a technology or life science user.
The property is located within the “Golden Triangle,” the designated area between Highways 101 and 237 and Interstate 880 that incorporates parts of North San Jose, Santa Clara, Sunnyvale, and Milpitas, and serves as a preferred office location for several world-leading technology firms. A retail development is conveniently located one block from the property, providing robust amenities including numerous restaurants and retail establishments and two hotels.
Joe Moriarty, Michael Taquino, Kyle Kovac, Bob Steinbock and Kati Thabit with CBRE represented the seller in the deal. According to Moriarty, over the past four years, single-story assets have become the preferred product type for tenants seeking space in Silicon Valley.
Per a recent CBRE Research report, the Silicon Valley R&D market closed Q2 2024 with an overall vacancy rate of 11.6% and an overall average asking rate of $2.88 per sq. ft. on a monthly, triple-net lease basis.
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