Dollinger Properties has purchased Valley Creative Center, an office property in the Silicon Valley, for $56 million from Vista Investment Group. The property is a six-building R&D/office campus totaling 166,928 square feet.
Vista Investment Group had completed several capital improvements before the sale of the property. Those improvements included a new exterior façade, grade loading and additional parking. The buyer was especially attracted to the location, which is in the Golden Triangle Area of North San Jose. In addition to proximity to the 101, 880 and 87 freeways, the property is also walking distance to a light rail station and minutes from the San Jose International Airport. The property is also close to Downtown San Jose, providing immediate access to restaurants and retail.
Cushman & Wakefield brokers Alan Guterman, Jon DeCoite, Steve Horton and Kelly Yoder represented the buyer in the deal, and they will handle leasing at the property.
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The office market in San Jose is already beginning to recover after a difficult year due to the pandemic. A report from Marcus & Millichap has found that stability in tech sector jobs will pave the way for new hiring in secondary positions. The report forecasts 41,900 new jobs created this year in the San Jose market, with payrolls increasing by 3.9%.
Several companies are playing a role in the job growth. During the pandemic, tech companies retained a large share of their staff, and office-using companies were able to maintain staff levels within 1% of pre-recession numbers at the end of the first quarter this year.
Other office investors and tenants are both finding opportunities in the market. In June, KKR's fund KKR Real Estate Select Trust has acquired HQ @ First, a 603,000-square-foot office campus in Silicon Valley, from Japanese developer MORI TRUST CO. The property is currently fully leased to an investment-grade tenant. The sales price of the campus was not disclosed. And, on the leasing side, global cloud-led, data-centric software company, NetApp Inc. secured a long-term 301,019-square-foot lease within Federal Realty Investment Trust's mixed-use complex, Santana Row in San Jose, California.
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Kelsi Maree Borland
