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8/18/26
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Four Corners Properties, in a venture with a West Coast-based institutional investor, has obtained $67.4 mil in financing for Forge North First, a mixed-phase industrial/R&D campus and advanced manufacturing development in San Jose's Golden Triangle submarket. The partnership acquired the existing 205.8k sf, five-building campus from Boston Properties in January of 2026.
Located in the Golden Triangle between Interstates 880, 237 and 101, Forge North First is minutes from the Orchard VTA Station with immediate access to major highways. San José Mineta International Airport is 2.5 miles away.
The partnership’s mixed-phase program for the property includes comprehensive modernization of the existing campus and development of two advanced manufacturing buildings totaling approximately 239k sf. Four Corners Properties, an established local investor and developer founded in 2005, has invested in 50 buildings totaling 7.2 msf.
Mike Walker, Brad Zampa, and Andy Gross of CBRE's Debt & Structured Finance team in San Francisco arranged the five-year bridge loan. The floating-rate, non-recourse financing was provided by an institutional lender.
According to CBRE Research, North San Jose's industrial and R&D market continues to gain momentum, with vacancy declining to 4.1% amid nearly 14 msf of active tenant demand across Silicon Valley, the highest level since 2019. Demand is being fueled largely by growth in artificial intelligence and advanced technology sectors. The submarket's advanced manufacturing segment is even more constrained, with just 563k sf of specialized manufacturing space in inventory, all of which is currently occupied.
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