MORGAN HILL, CA—Located in the San Jose-Sunnyvale-Santa Clara MSA in Santa Clara County, a flex property was developed in 2002 as a build-to-suit for Paramit Corp. and significant renovations were made in 2014. This 152,553-square-foot flex building is 100% occupied by Paramit Corp. for its headquarters/research and development operations.
The facility is situated on 10.44 acres located at 18735 Madrone Pkwy. Nazareth Enterprises Inc., a privately held diversified investment firm based in San Mateo, CA, recently completed the acquisition of the flex building for $29.8 million.
“This asset was highly sought after because of its headquarters; mission critical use for the tenant,” says Zach Harris of the Stan Johnson Company. “While we received interest from all types of investors in multiple regions of the country, ultimately the seller selected an experienced local, private company who understands the market and the criticality of the property for the tenant moving forward.”
The purchaser was represented by Abe Matar with Landmark Real Estate Services. The seller, a private equity firm, was represented by Jeff Hughes, Harris and Jonathan Ameen with Stan Johnson Company.
“We continue to see strong interest from investors seeking deals leased to storied credit tenants with a history of occupancy at the facility and a criticality of use/operations,” Harris tells GlobeSt.com. “The purchaser understood these characteristics and acquired it with the intent of holding long term.”
The property features concrete construction, solar power, four dock doors and ample parking.
“Financing was provided by Bank Leumi due to their ability to be creative in structuring debt to meet their clients' needs and their ability to consistently deliver for us on multiple occasions in the past,” said Mounir Kardosh, president and CEO of Nazareth Enterprises Inc.
MORGAN HILL, CA—Located in the San Jose-Sunnyvale-Santa Clara MSA in Santa Clara County, a flex property was developed in 2002 as a build-to-suit for Paramit Corp. and significant renovations were made in 2014. This 152,553-square-foot flex building is 100% occupied by Paramit Corp. for its headquarters/research and development operations.
The facility is situated on 10.44 acres located at 18735 Madrone Pkwy. Nazareth Enterprises Inc., a privately held diversified investment firm based in San Mateo, CA, recently completed the acquisition of the flex building for $29.8 million.
“This asset was highly sought after because of its headquarters; mission critical use for the tenant,” says Zach Harris of the Stan Johnson Company. “While we received interest from all types of investors in multiple regions of the country, ultimately the seller selected an experienced local, private company who understands the market and the criticality of the property for the tenant moving forward.”
The purchaser was represented by Abe Matar with Landmark Real Estate Services. The seller, a private equity firm, was represented by Jeff Hughes, Harris and Jonathan Ameen with Stan Johnson Company.
“We continue to see strong interest from investors seeking deals leased to storied credit tenants with a history of occupancy at the facility and a criticality of use/operations,” Harris tells GlobeSt.com. “The purchaser understood these characteristics and acquired it with the intent of holding long term.”
The property features concrete construction, solar power, four dock doors and ample parking.
“Financing was provided by Bank Leumi due to their ability to be creative in structuring debt to meet their clients' needs and their ability to consistently deliver for us on multiple occasions in the past,” said Mounir Kardosh, president and CEO of Nazareth Enterprises Inc.
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