Menlo Land & Capital acquired a San Jose office building at 2290 North First St. for $9 million, which is 56.1% below its assessed value of $20.5 million. The previous owner lost the property in a foreclosure due to loan default. The deal could lead to reduced rents to draw tenants and foster employment. Other San Jose properties have faced similar financial issues, including foreclosures, highlighting the challenging conditions in the local office market. The transactions indicate a broader trend of declining property values.
The San Jose office building at 2290 North First St. was purchased for $9 million, which is significantly lower than its assessed value of $20.5 million.
Menlo Land & Capital's acquisition of the 75,900-square-foot building highlights ongoing challenges in the San Jose office market, potentially leading to lower rents to attract tenants.
The previous owner lost the building through foreclosure after defaulting on a $12 million loan, leading to its transfer to Prime Finance Short Duration Holding Co.
Recent financial struggles in the San Jose office market include the foreclosure of multiple properties, indicating a trend of declining values and operational challenges.
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