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2/17/23
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An 8k sf, single-tenant building NNN-leased to Citibank in San Jose traded for $4.4 mil, or $550/sf. The property, located at 3510 Leigh Ave, just north of Hillsdale Ave, is 100% leased to Citibank, which has six years of lease term remaining.
3510 Leigh is ideally positioned within a popular neighborhood center, featuring Home Depot, Target, TJ Maxx & HomeGoods and 24 Hour Fitness. Additionally, the property is less than seven miles to downtown San Jose and offers convenient access to both Interstate 280 and 880.
Eric Kathrein, Warren McClean and Andrew Spangenberg with JLL Retail Capital Markets represented the seller and procured a private capital exchange buyer in the transaction.
”3510 Leigh represented an outstanding opportunity to acquire a net-leased asset with investment grade tenancy in the coveted San Jose market,” McClean said. “This was a very competitive marketing process with multiple offers. It demonstrates the continued demand we are seeing for quality single tenant net leased properties, especially from private capital investors.”
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