Oakland Road Business Park. Image courtesy of Newmark
Newmark has completed the sale of Oakland Road Business Park, a four-building, 177,117-square-foot industrial, warehouse and flex campus in San Jose, Calif. Link Logistics sold the property for $37.2 million, CommercialEdge data shows. According to Santa Clara County public records, Peninsula Land & Capital acquired the business park using a $24.2 million acquisition loan originated by J.P. Morgan Chase.
At the time of the deal, the property was 90 percent occupied by multiple tenants, with an average tenure of eight years.
Located between 1580 and 1630 Oakland Road on an 8-acre lot, Oakland Road Business Park is a four two-story buildings campus that include flex, office and warehouse space, with a total of 620 vehicle parking spots, CommercialEdge data shows. The park is close to interstates 880 and 680, some 3 miles from San Jose Mineta International Airport, 6 miles from downtown San Jose and within 47 miles of San Francisco.
READ ALSO: Fed Rate Hike Ahead. What’s in it for CRE?
Peninsula Land & Capital’s team of Principal Roger Fields, General Manager & Partner Lois Quilalang, Director Parker Fields and Senior Manager Mary Blaser is in charge of leasing at the property.
Newmark’s Vice Chairman Edmund Najera, Senior Managing Director Jonathan Schaefler, Executive Vice Chairman & President of Western Region Capital Markets Steven Golubchik, together with Director Darren Hollak, closed the deal.
One of the top markets in the U.S.
According to a recent CommercialEdge report, some $16.3 billion in industrial assets changed hands in the first half of the year across the country. Deal volume is on a downward trajectory due to increased interest rates and the slowing of the e-commerce sector. With $1.1 billion in assets trading as of May, the Bay Area was the third market for industrial sales volume in the U.S., following the Inland Empire and Los Angeles.
Recent deals in the Bay Area include Terreno Realty’s $186 million acquisition of Morton Commerce Center in Newark, Calif. Overton Moore Properties sold the four-building, 603,000-square-foot industrial campus, where Meta, Lucid Motors, Pegasus Logistics Group and RK Logistics Group hold leases.
