950 S. Bascom Avenue, a 70,000 square foot, multi-tenant office building built in 1985 and located in the heart of San Jose, California was purchased by MNM Partners for $18.5 million, or just over $264 per square foot. The property was 90 percent occupied at time of sale with many leases coming up for renewal.
MNM Partners, represented by Jim Carter and Bill Harrigan of Intero Commercial Real Estate, is a private investment firm that acquires and manages well-located value add assets in the San Francisco Bay Area.
Tony Odom, of CSR Commercial Real Estate Services, represented the Seller, CGB Investments. According to Odom, the property was an off-market transaction that closed at the end of September.
About CSR Commercial Real Estate Services
CSR Commercial is a local, independently owned, full-service commercial real estate brokerage. Products and services include landlord and tenant representation, buyer and seller representation, consultation on real estate investment strategies, 1031 exchanges, construction project management, business brokerage and all levels of commercial financing. Founded in 2007, CSR Commercial has grown into one of the most trusted names in Silicon Valley commercial real estate.