Three of the buildings total 22,000 sf and sit on 2.22 acres at750 Capitol Ave. in San Jose. They are all fully leased on along-term basis to a single tenant, according to CPS broker JonDeCoite, who handled the sale with fellow brokers Erik Hallgrimsonand Alan Guterman.

The seller was Jeff & June LLC, a San Marcos, CA-basedentity whose agent is Gloria June Mair. Jeff & June LLC alsosold a net-leased 3,600-sf building at 123 Corning Ave. in Milpitasfor $1.08 million.All four buildings are leased to Nobel LearningCommunities, a publicly traded company that does business asMerryhill Schools, a private for-profit educator with 150 schoolsin 13 states. A new 12-year triple-net lease for all four buildingscommenced on July 12, says DeCoite, the lead broker in thetransaction.The new owner of the San Jose assets is the Mavi LivingTrust. The new owner of the Milpitas asset is Full Moon PropertiesLLC.

"Net-leased investments with credit tenants remain in highdemand, despite the economic slowdown," DeCoite says. "The strengthof our client's tenant and the long term in-place lease set thisoffering apart from other properties on the market and allowed usto achieve our target valuation."