Duke Realty Pays $41M for San Jose Asset
- Dec 04, 2020
Cannae Partners has sold a two-building R&D/office campus encompassing 286,330 square feet in San Jose, Calif. Duke Realty acquired the property for $40.6 million, according to Santa Clara County records. Western Digital Corp. occupied both buildings until the beginning of December when its lease expired.
The asset previously changed hands in August 2019, when Gibson Avenue Capital sold it for $30.8 million, CommercialEdge data shows. Argentic originated a $42 million acquisition and development loan for the buyer at the time.
Located on 17 acres at 5853 and 5863 Rue Ferrari, the park was completed in 1992. Situated close to the intersection between highways 85 and 101, the site is 11 miles southeast of the central San Jose and 15 miles from the city’s international airport.
The buyer plans to demolish the existing properties and build a new, 303,117-square-foot speculative industrial project on the site, according to Silicon Valley Business Journal. The facility will have a 14,200-square-foot office component, 45 dock-high loading doors and 116 trailer parking stalls.
In August, Cannae Partners and Westport Capital Partners sold Sycamore Technology Park, a three-building office/R&D park encompassing 213,519 square feet in Milpitas, Calif. Vertical Ventures bought the property for $45.5 million.