(EDITOR’S NOTE: According to public records reviewed by The Registry, the property sale closed on October 13 for $5,890,000, or just under $204 per square foot. The seller was an entity associated with the Macdonald family based in Redding, Calif., and the buyer was an entity associated with Lorraine Stewart from Scotts Valley, Calif.)
Newport Beach, CA (October 19, 2022) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed sale of a 28,900-square-foot (sf) single-tenant industrial property occupied by Foundation Building Materials (FBM) located at 1137 Olinder Court in San Jose, CA.
SRS NNLG’s Vice President Jack Cornell and Associate Max Finn represented the seller, a Bay Area-based private investor. The buyer was a California-based private investor fulfilling a 1031 exchange.
“This offering garnered strong investor interest being located in a dense San Jose industrial corridor with quick access to major interstates,” said Cornell. “Additionally, the surrounding properties are tenanted by Amazon and other dominant users, increasing the overall value and appeal of the site.”
Built in 1994 and situated on 2.18 acres, the property is occupied by FBM, a leading construction materials distributor, with more than 3.5 years remaining on its lease. The site is near Interstates 280 and 680, Highway 201, and is just a 10-minute drive to downtown San Jose.
In 2021, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $3.1 billion in deal volume comprised of 899 transactions in 49 states, and currently has more than $2 billion in property on the market, with more than 465 properties sold year-to-date in 2022.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust.
SRS’ Investment Properties Group (IPG) & National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2021, the group completed more than 899 sales across more than 49 states and has over 160 brokerage professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns.