SAN JOSE, CA—Shorenstein Properties LLC has closed on its purchase of the first phase of Champion Station, a four-building, low-rise office and R&D campus at 110-180 West Tasman Dr. in North San Jose. Terms of the purchase, which was concluded with TMG Partners, were not disclosed.
The four buildings, totaling 426,000 square feet, are currently fully leased to Champion Station on a short-term basis. “This is an opportunity to reposition a well-located campus in a market with strong leasing demand and a dearth of available blocks of office space to accommodate large users,” says Douglas W. Shorenstein, CEO and chairman, Shorenstein Properties LLC.
Mike Seifer, managing director of JLL, who represented the seller, tells GlobeSt.com that “There was broad investor interest in this opportunity and tenant activity in the immediate area continues to escalate. This really demonstrates the continued improvement, maturation and importance of the north San Jose submarket and how this market has been transformed by the entertainment (Levi Stadium), retail and housing development that has occurred in the neighborhood.”
Champion Station is located in North San Jose, in an area that has seen significant ongoing capital investment by both public and private investors. The property is approximately 1.5 miles from Levi's Stadium, the recently opened home of the San Francisco 49ers, as well as extensive retail and restaurant amenities.
Two major mixed-use developments, totaling more than $7 billion, have been proposed nearby and at least one of those developments is anticipated to begin construction in 2016, according to a prepared statement.
In addition to its location close to housing and workplace amenities, Champion Station is surrounded by several transit alternatives including public transit (light rail, bus, Amtrak, Caltrain, free shuttles) and is within easy access of Highways 101, 237 and 880 and other major thorough fares linking the property to San Francisco, the Peninsula, East Bay and downtown San Jose.
The property is adjacent to the Valley Transportation Authority's Champion Station light rail stop with trains linking to Caltrain, Bay Area Rapid Transit's (BART) future Silicon Valley extension and San Jose Mineta International Airport.
Champion Station is the first investment to be completed for Shorenstein Realty Investors Eleven, a closed-end investment fund formed earlier this year with $1.22 billion in committed capital from Shorenstein and its investors.
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