Black Creek Pays $30M for San Jose Warehouse
- Feb 02, 2021
Orton Development has completed the $29.5 million disposition of a 117,442-square-foot industrial complex in San Jose, Calif. Black Creek Group acquired the warehouse, according to Santa Clara County records.
The asset previously changed hands in September 2011 for $4.3 million, CommercialEdge data shows. The seller was East-West Bank, which came to own the park after it foreclosed on a $6.3 million loan taken out by a private investor, per public records.
Located at 464, 650 and 652 N. King Road on 11 acres, the asset is 5 miles east of San Jose International Airport and within 2 miles of interstates 680 and 880 and the Bayshore Freeway. The property comprises three buildings completed in 1966 and renovated in 2000 and 2013. The warehouses have an office build-out of 22.7 percent, a total of 13 grade-level doors, 14-foot clear heights and HVAC systems for climate control.
The tenant roster includes logistics provider Guaranteed Express Inc., grocery supplier Fresh & Best Produce and printing company Progressive Solutions.
Over the past year, Black Creek Group purchased several industrial assets nationwide. One of the largest transactions by sale price was the $109 million purchase of a 601,417-square-foot warehouse in San Diego, Calif. Morgan Stanley sold the asset after 15 years of ownership.
In the greater Bay Area market, the company acquired the 241,591-square-foot Bay Area Commerce Center – Hawthorne in Livermore, Calif. Crow Holdings sold the facility for $48.5 million last August.
In July, Black Creek paid $52.8 million for a 190,377-square-foot industrial asset in Springfield, Va. Amazon takes up more than two-thirds of the space and Goodman Distribution occupies the remainder.