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11/16/22
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Montague Crossing, a three-building, 209.4k sf biz campus in San Jose, was purchased for $94.65 mil ($452/sf) by JJ&W in an off-market 1031-exchange. The property was sold by Four Corners Properties and Rockwood Capital.
Montague Crossing is comprised of three office and R&D buildings on a 12.39-acre campus site, located at 2520 and 2540-2560 Junction Ave and 541-555 East Trimble Rd in San Jose. The property is 100% leased to three R&D tenants in the semiconductor and advanced manufacturing sectors. Located in San Jose’s R&D hub, Montague Crossing is at the intersections of State Route 237, Highway 101, and Interstate 880.
Scott Prosser, Joe Moriarty and Jack DePuy of CBRE’s Capital Markets team in Silicon Valley represented the buyer, JJ&W.
The R&D sector in Silicon Valley recorded 1.8 msf in leasing activity. Quality buildings containing lab space continue to garner interest as average asking rates are at $2.91 per sq. ft. on a monthly, NNN basis, according to CBRE.
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