(EDITOR’S NOTE: The property was sold for approximately $26 million, or around $287 per square foot, according to sources familiar with the details of the transaction. The seller was represented by Cushman & Wakfield, and the team involved included Eric Fox, an executive managing director in the firm’s San Jose office, Seth Siegel and Steve Hermann, both executive managing directors in San Francisco, and Adam Lasoff, a managing director in San Francisco. The buyer was a local investor in San Jose.
The seller had owned the property since December of 2015. At that time, Atlantic Creek had purchased this building and another the located at 408 East Plumeria Drive in San Jose for a combined $30,250,000, or around $204 per square foot. It was purchased with an equity partner, Walnut Creek-based Vertical Ventures. The Plumeria property was sold earlier this year, in March of 2018, for $26,750,000 million, or just around $459 per square foot.)
Atlantic Creek Real Estate Partners, LLC (“Atlantic Creek”) is pleased to announce the sale of 2730 Junction Avenue (the “Junction Building”) on November 19, 2018. An affiliate of Atlantic Creek and its joint venture partner (the “JV”) acquired the approximately 90,500 square foot building as part of the two-building Montague Business Center (“Montague” or the “Property”) acquisition on December 9, 2015.
The Property is located in North San Jose, Santa Clara County, California. San Jose is located in the heart of Silicon Valley, the world’s high-tech capital. At disposition, the Junction Building was fully leased to Santa Clara County.
Atlantic Creek has offices in New York, NY and Palm Beach, FL and targets direct and joint venture investments in opportunistic and value add office, retail, and multi-family commercial real estate, primarily located on the East and West Coasts of the U.S., Texas, and other select U.S. markets.
For further information on new acquisitions and joint venture opportunities, please contact Joshua Schwalbe, Senior Vice President, in our New York, NY office or Jon Trucano, Senior Vice President, in our Palm Beach, FL office.