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7/02/26
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In a Bay Area development purchase, Lift Partners acquired a 7.17-acre infill site in Santa Clara for $25.75 mil. The property is located at 651 Martin Ave, south of Hwy 101 and just west of San Jose Mineta International Airport.
The site currently features three individual structures including a 29.6k sf warehouse, a 44.2k sf warehouse and a 4.4k sf service center. The 312.3k sf parcel is zoned for Heavy Industrial, a designation that permits a wide range of uses including warehouse and distribution, data centers, manufacturing and industrial outdoor storage facilities.
The buyer is focused on the near-term lease up of the site while pursuing entitlements for industrial development. At 45% floor area ratio, the property can accommodate up to 148.6k sf of new development.
Located in the Santa Clara submarket, the property benefits from immediate access to Silicon Valley's innovation ecosystem and affluent consumer base. Within a five-mile radius, the site reaches more than 608,000 residents across 227,000 households and provides connectivity to over 30,000 establishments. The location offers proximity to major technology headquarters and benefits from the region's highly educated workforce, with 56.3% of the surrounding population holding bachelor's or advanced degrees.
A JLL Capital Markets team of Senior Director Erik Hanson and Analysts Brendan Bury and Tasman Lynch represented the seller in the deal.
"Parcels of this size with heavy industrial zoning rarely become available in Silicon Valley, and the competitive bidding process demonstrated strong investor appetite for infill development sites in core coastal markets," Hanson said. "The property's flexible zoning and strategic location position it to serve the region's growing advanced manufacturing sector."
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