Los Angeles, CA (March 7, 2019) — Chandler HFP, LLC, an affiliate of Los Angeles-based real estate firm Held Properties, Inc. has sold a vacant 67,733-square-foot research and development/flex office building in San Jose, CA to SVP Management (SVP) for $19 million.
Located in the famous golden triangle, the property is on a 4.6-acre site at 3775 1st Street, home to most of San Jose’s 6,600 technology companies. It is adjacent to Apple, Inc.’s planned 85-acre campus, Samsung Group’s North American headquarters and a 377,000-square-foot office campus recently acquired by Google.
Built in 1985, the single-story building was once the world headquarters for RAE Systems, Inc., until its acquisition by Honeywell in 2013. Honeywell continued to occupy the building until Dec 2017.
Held Properties, Inc., a Los Angeles-based real estate investment and development company had owned the property since 2014.
SVP, which is owned by a consortium of Korean companies, including YIKC and Exicon, plans to expand its holdings in the Silicon Valley.
Bob Bower and Chip Sutherland in the San Jose office of CBRE Capital Markets-Investment Properties represented both parties to the transaction.
About Held Properties
Founded in 1946, the Held name has been associated with the development, ownership and operation of distinctive commercial and medical office buildings. Currently, Held Properties owns over 1 million square feet of commercial and residential properties located in California, Arizona and Utah. Held Properties (http://www.heldproperties.com) is actively seeking additional property acquisitions in Southern California, Utah and Arizona.