San Jose Warehouse Sells for $19M
- Jan 27, 2021
The Exeter Group, a Wyoming-based company, has completed the $18.8 million, all-cash acquisition of a 132,721-square-foot industrial property in San Jose, Calif., The Mercury News reported. Vien Thao Media sold the facility, CommercialEdge data shows.
Located on a 6-acre parcel at 1970-1984 Senter Road, the single-story building was completed in 1986. The facility has a 20-foot clear height, four grade-level and three dock-high doors. The tenant roster includes SJ Flooring Outlet, a flooring company, and Vietus Marketing, a sign-making firm.
Situated within 2 miles of Interstate 280, the warehouse is 3 miles southeast of the city center and 7 miles southeast of the San Jose International Airport. Other companies with facilities in the vicinity include Bentek, Innov8 Services and South Bay Spirits.
The asset previously changed hands in 2007 as part of a portfolio sold by R & R Properties. That deal also included a 77,288-square-foot warehouse on an adjacent parcel, according to public records.
Strong industrial fundamentals
Investor interest in Silicon Valley’s industrial market remained consistent through the fourth quarter of 2020. According to a recent CBRE report, the largest transaction was Exeter Property Group’s purchase of a vacant 188,303-square-foot warehouse, which traded for $36.2 million. Additionally, TA Realty paid $26.6 million for a newly-built 82,900-square-foot warehouse. Panattoni Development Co. sold the asset.
The market experienced positive net absorption of 214,010 square feet in the final quarter of 2020, the same report showed. Commitments by e-commerce retailers represented 35 percent of the top 25 leases that closed in the fourth quarter, with a total of 403,596 square feet.