San Jose Gains New Advanced Manufacturing Project
Seefried Industrial Properties and Clarion Partners has announced their partnership in the purchase of a 10.7-acre building site at 970 McLaughlin Avenue, San Jose. The companies plan to build a Class A advanced manufacturing facility. Schedule for completion sometime in the first quarter of 2020, the project will be approximately 223,827 sq ft, and will be designed by HPA, Inc.
The purchase of the property, sold by Jennings Holdings LLC, a subsidiary of Danaher Corp, closed on April 26, 2019.
The state-of-the-art warehouse and advanced manufacturing structure will feature a best-in-class ESFR fire protection system, expandable power to meet the needs of tenants, and clearance of 32-ft.
In a press release, Ed Hofer, Executive VP of Colliers International, stated: “Location is a key advantage for the property. The site offers immediate freeway access to Highways 280, 680, and 101, and the San Jose International Airport is close by…The quality of the space in combination with the location will appeal to an array of occupiers–from food users to tech companies to last-mile e-commerce firms.” The deal was brokered by Colliers International.
According to Seefried Industrial Properties Senior Vice President Robert Guerena, “An infill project of this scale is rare to find; we were very excited to seize the opportunity.” He continued, “The limited supply of Class A projects throughout Silicon Valley makes for a very compelling investment.”
Per the press release, Colliers’ research indicates that the current vacancy rate for Silicon Valley warehouse space is around 1.7%.
Seefried Industrial Properties specializes in the “development, leasing, and management” in professional industrial real estate; Clarion Partners, LLC is an real estate investment firm. Colliers “is a leading global real estate services and investment management company.”
Keystone Commercial Brokerage serves the needs of commercial real estate investors in the Santa Clara and San Mateo counties, specializing in commercial property, multi-unit residential, office space, and multi-use property. Paul Phangureh has over 16 years of experience in buying and selling in the Santa Clara and San Mateo County areas. Contact Paul at 650-924-2544, or email at [email protected]