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10/07/20
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Bailard acquired a 76.4k sf, Class A building in San Jose for $38.25 mil ($500/sf). The building is located at 250 Holger Way, within District 237, a 415.5k sf office/R&D complex. It was sold by KBS Real Estate Investment Trust II.
Earlier this year, KBS sold two other buildings totaling 142.7k sf at District 237 to an independent real estate fund and asset management company for $95.2 mil ($667/sf). Those buildings are located at 100 Headquarters Drive and 200 Holger Way.
Built in 1999 and 2001, District 237, formerly known as Corporate Technology Centre, consists of eight one-, two-, and three-story buildings. The buildings range in size from 20k sf to 101.2k sf, with an average floorplate of nearly 31.5k sf. All of the buildings at the property feature excellent window lines and efficient floorplates, as well as superb visibility from over 3,000 feet of Hwy 237 frontage. In 2018, KBS sold three of the eight buildings.
The sale of 250 Holger Way at District 237 was brokered by the CBRE Northern California Capital Markets Team consisting of Joe Moriarty, Scott Prosser, Jack DePuy, Russell Ingrum, Brad Zampa and Mike Walker. The buyer represented themselves. Attorneys Bruce Fischer and Howard Chu, and paralegal, Robyn Foianini, of global law firm Greenberg Traurig, LLP’s Orange County office represented KBS as legal counsel in the disposition.
According to Brent Carroll, asset manager for District 237 and senior vice president for KBS, the collection of buildings at District 237 ranged from 20k sf to 101.2k sf, with an average floorplate of nearly 31.5k sf, which attracts larger, well-capitalized tenants with high credit quality.
District 237 is located directly adjacent to @First retail center, which has attracted a rich mix of neighborhood amenities including Target, CVS Pharmacy, Fresh and Easy, Chipotle, Coffee Bean, Chick-fil-A, Panera, Chase Bank, Marriott Courtyard, Hotel Sierra and many others.
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