|
|
10/12/20
|
A 196.6k sf, R&D/flex building in San Jose was acquired by Exeter Property Group for $36.2 mil ($184/sf). The building, located at 1710 Automation Pkwy, was previously occupied by Western Digital and is currently vacant, providing an immediate lease-up opportunity with full-building user identity.
1710 Automation is a freestanding HQ building in the North San Jose that has recently undergone a substantial market-ready renovation by the sellers to prepare the building for lease up. The partial two-story building offers above-market infrastructure including 8,000 amps at 480V, dock and grade-level loading and ample parking. Additionally, the property is located just two miles from both the Milpitas and Berryessa BART stations and is walking distance to various retail amenities and residential communities.
Steven Golubchik, Edmund Najera, Darren Hollak and Jack Phipps with Newmark Knight Frank represented the buyer and the sellers, Soma Capital Partners and Atlas Real Estate Partners.
“1710 Automation is ideally located within proximity to some of the world’s most prominent technology companies and within a market that has experienced 12 percent rent growth over the past 24 months for R&D/Flex product,” said Najera.
While leasing activity is subdued during the pandemic, capital markets interest is still high, according to NKF Research. Companies are ready to invest in Silicon Valley for the long term. As the economy begins to recover, Silicon Valley is anticipated to recover faster than other urban markets.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
