By Kate Snyder
A warehouse in San Jose that was recently placed on the market has now sold for less than the asking price. San Jose-based All Fab Precision Sheet Metal has sold a 59,857 square foot manufacturing building for $17.9 million, or approximately $299 per square foot, according to public records. The buyer was C&G California Enterprises LLC, an entity affiliated with Nicole and Anthony Guetersloh, the president and vice president, respectively, of Monarch Truck Center in Pleasanton.
The property is located at 1015 Timothy Drive, and was previously placed on the market with pricing guidance set at $19 million, according to previous reporting from The Registry.
It went through a renovation in 2021, where more than $300,000 was spent by the previous owner to put in a new roof and skylights. Around 4,000 square feet of the property consists of an office area, however, most of the building is open manufacturing space. The building also has around 3,000 square feet of a covered exterior area. The parking ratio for the building is 1.35 spaces per 1,000 square feet. The asset is fenced, and the lot is gated and secured. The property is on a corner lot totaling 2.57 acres and is in an area zoned for light manufacturing. Surrounding properties employ similar operations and the building’s proximity to US Highway 101 gives it connectivity throughout the region.
All Fab Precision decided to put the property up for sale because the company is moving its business to a much larger location in order to grow its operation. The new property is the 132,721-square-foot building located at 1980 Senter Road in San Jose, where it signed a direct lease during the third quarter of last year. This move made the existing property on Timothy Road obsolete for the organization, and it was marketed as a vacant building. The listing agent on the asset was the San Jose office of Colliers.
All Fab Precision Sheet Metal was founded in 1999 and is a metal contractor, according to the firm’s website. The company offers a range of services including prototype, mass production and turnkey. It manufactures products for use in a variety of industries including electronic, aerospace, medical, automotive and telecommunication.