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December 3, 2023
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J&J Properties Spends $64 Mil on HQ Campus in South San Jose


J&J Properties purchased a 160k sf, advanced manufacturing and office campus in South San Jose for $64.3 mil ($402/sf). The property, located at 5300-5350 Hellyer Ave, was sold by Empire Square Group.

CAES (formerly Cobham) has occupied both buildings on the Class A campus since it was originally built in 1999 and has invested significant capital into facility improvements over the years. The property is also supported by specialized infrastructure including 21 kV of power and more than 1,000 tons of HVAC.

CAES is the largest provider of analog and radiation hardened technology for the U.S. aerospace and defense industry. The company makes off-the-shelf and customized radio frequency, microwave and high reliability microelectronic products and subsystems.

The property is approximately two miles north of the intersection of Hwy 101 and Hwy 85. More than 3,000 residential units and over 400k sf of new retail construction has been recently completed in the immediate area.

Joe Moriarty, Scott Prosser and Jack DePuy with CBRE Capital Markets brokered the transaction on behalf of both parties. Brad Zampa and Michael Walker, also with CBRE, arranged $44 mil in acquisition financing on behalf of J&J Properties. The 10-year fixed rate, non-recourse loan was funded through a multinational investment bank.

“South San Jose has undergone a fundamental shift over the past several years. Nearly 2.5 msf of tenants and owners/occupiers have moved to South San Jose since 2017,” said Prosser. “Many of these migrating companies are relocating from northern Silicon Valley in pursuit of more options for high-quality space at economical rates.”

Asking rates for office space in North San Jose averaged $3.99/sf at the end of the third quarter of 2021, nearly double the average asking rate in South San Jose ($2.03), according to CBRE research.

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