TA Realty Buys San Jose Warehouse for $27M
- Dec 15, 2020
TA Realty has finalized the $26.6 million acquisition of a newly built, 82,900-square-foot logistics property in San Jose, Calif. Panattoni Development Co. sold the fully leased asset.
The developer had purchased the 5-acre site at 2144 Oakland Road for $5.3 million in February 2017, according to public records. The company broke ground on the property in August 2018, with Alston Construction serving as the general contractor. The warehouse has four grade-level and five dock-high doors, 30-foot clear heights and ESFR sprinklers.
The County of Santa Clara signed a full-building lease at the facility in the first quarter of 2019. The tenant has more than 12 years remaining on its contract, according to Newmark Vice Chairman Edmund Najera.
The property is a short distance from the Montague Expressway’s intersection with Interstate 880. The site is 3 miles northeast of San Jose’s international airport and 5 miles north of the city center.
Along with Najera, the Newmark brokerage team included Vice Chairman Steven Golubchik, Managing Director Jonathan Schaefler and Associate Directors Darren Hollak and Jack Phipps.
In November, Panattoni Development Co. and partner M. Payne Investments sold a 112,075-square-foot industrial building in Los Angeles for $37.3 million. Cohen Asset Management acquired the asset.