"Rosendin Electric, a century-old electrical contractor born out of a San Jose garage in 1919, purchased a San Jose research and office complex known as The Orchards in a deal that enables the firm to gather multiple operations into a unified work hub. Barings, a real estate investment firm, was the seller of the 144,900-square-foot two-building property at 3000 and 3030 Orchard Parkway."
"Through the deal, a Barings affiliate was paid $23 million for the buildings and received an additional undisclosed amount paid by two departing tenants to terminate their leases, according to multiple sources familiar with the transaction. The $23 million that Rosendin paid Barings was disclosed in a grant deed filed with the Santa Clara County Recorder's Office on Aug. 29. Newmark commercial real estate brokers Joe Kelly, Jon Mackey, Steven Golubchik and Edmund Najera and Colliers commercial real estate broker Michael Rosendin arranged the transaction."
"The deal is a fresh indicator of heightened interest in purchases or leases of office sites in north San Jose. Among the recent deals: In June, E Ink Corp. bought a San Jose office building at 3200 North First St. for $22.7 million in a deal that gives the firm a large space for its operations. Vibrant Wellness paid $17.5 million in September for an office building at 3100 North First St. that the biotech company can use for expanded operations."
Rosendin Electric acquired The Orchards, a 144,900-square-foot two-building research and office complex at 3000 and 3030 Orchard Parkway in San Jose. Barings sold the property and a Barings affiliate received $23 million, plus an additional undisclosed payment from two departing tenants to terminate leases. The $23 million payment was recorded in a grant deed filed with the Santa Clara County Recorder's Office on Aug. 29. Newmark and Colliers brokers arranged the transaction. The acquisition reflects heightened interest in north San Jose office sites, evidenced by recent purchases and leases by E Ink, Vibrant Wellness, Goodwill of Silicon Valley, Nvidia and Archer Aviation.
Read at www.mercurynews.com
Unable to calculate read time
Collection
[
|
...
]