San Jose – June 23rd, 2021 – CBRE announced that San Francisco-based real estate investment firm Berkeley Partners has purchased an R&D facility in San Jose, Calif. for $24.5 million.
Charlie Strouss, Jonathan Ziegler, Yvonne Hsiung and Vincent Scott of CBRE represented the seller, Goble Properties and Cojourn Companies, in the transaction. Jim Korinek and Shaun Moothart of CBRE’s Debt & Structured Finance team arranged the acquisition financing on behalf of the buyer.
Located at 2121 and 2125 Zanker Road, the 54,000 square-foot property was originally built in 1977 and was recently renovated. The project was fully leased at the time of sale to two public companies.
“The asset is located in the North San Jose R&D submarket which, with more than 23 million square-feet, is one of the largest and most established in Silicon Valley,” said Mr. Strouss. “The immediate area will soon benefit from improved traffic flow and access from US 101 resulting from the long-planned Charcot Overpass.”
Mr. Korinek added, “Our Debt and Structured Finance team was pleased to complete this loan for our client. We appreciated the confidence placed in us by Berkeley Partners and were gratified that our market-making initiatives produced several highly competitive financing offers to meet their objectives.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.