Silicon Valley Industrial Asset Trades Hands at $20.55 Million
SAN JOSE, Calif., March 10, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 1800 Dobbin Drive, an 81,475-square-foot industrial warehouse in San Jose, California. The property sold for $20.55 million, which equates to $252 per square foot.
“The sale is the direct result of a competitive bidding process between multiple institutional capital buyers seeking to acquire high-quality industrial assets,” said Jeffrey Ida, first vice president investments in Marcus & Millichap’s San Francisco office. “Located in proximity to the Berryessa/North San Jose Bay Area Rapid Transit (BART) station, the property has 29-foot clear height and significant power.” Ida, Cole Ferrari and Brendan Gallagher represented the seller. The buyer is Westcore Properties, a commercial real estate investment company based in San Diego.
Built in 1967 on 3.5 acres, the property is easily accessible from interstates 880 and 680 and U.S. Highway 101. The Berryessa Transit Center and the Berryessa urban village development, which includes a variety of mixed-use commercial and residential projects, is directly across the street. The building is partitioned into one 25,000-square-foot unit and one 56,475-square-foot space. The zoning allows for a variety of manufacturing, production, distribution and storage uses.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.