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5/11/26
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Peninsula Land & Capital, a real estate investment firm based in Palo Alto, paid $24.6 mil for Lincoln Court, a three-story, 124.7k sf ($197/sf) multi-tenant office building in the Bay Area city of Campbell.
Situated on 4.2 acres at 2105 South Bascom Ave, the property was originally built in 1986 and renovated in 2021. Prior ownership invested nearly $6 mil in capital improvements, including a renovated courtyard, lobby and locker rooms with showers, as well as a new common area conference center and fitness center. At the time of sale, Lincoln Court was 56% leased to 25 tenants.
Located six miles southwest of downtown San Jose, Campbell is a city of about 43,000 residents with a walkable downtown and historic neighborhoods set amid the tech-focused Silicon Valley region. The property is walking distance to the Pruneyard Shopping Center and just off Highway 17, providing direct access to the 280, 880 and 101 freeways, as well as the San Jose Mineta International Airport and the Downtown Campbell VTA Light Rail Station.
Newmark Executive Vice Chairman and President, Western Region Capital Markets Steven Golubchik, Vice Chairman Edmund Najera, Managing Director Darren Hollak and Director Brendan Raney represented the undisclosed seller in the transaction.
“The sale of Lincoln Court represents another example of increased investor appetite for suburban multi-tenant office,” said Najera. “The bidding process drew over 15 offers in the initial round, exemplifying investor sentiment for premium quality, transit-oriented suburban office with walkable retail amenities. Lincoln Court is a prime example of what investors are looking for in today’s market.”
According to Newmark Research, office vacancy in Silicon Valley stands at 15.7% as of 1Q 2026, with an average asking rent of $5.09 per square foot per month on a full-service gross basis.
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