The race for space in San Jose is on. Google, the Mountain View tech giant that is in the process of expanding its reach across the region, just spent $117.25 million, or just over $208 per square foot, to acquire a three-building industrial site in north San Jose, according to public records. The properties were sold by a joint venture of Trammel Crow Company and Principal Real Estate Investors, which completed the MidPoint@237 project in November of 2016.
MidPoint@237 is a 3-building, 563,000-square-foot Class A advanced manufacturing project located at North 1st Street and Nortech Parkway at the top of Silicon Valley’s Golden Triangle in San Jose’s Alviso neighborhood. The three one-story industrial buildings measure approximately 233,520 square feet, 167,700 square feet and 162,540 square feet. The addresses of the buildings are 5093, 5087 and 5079 Disk Drive in San Jose.
The advanced manufacturing development is visible from Highway 237 and is minutes from both Moffett Park and Interstate 880. This central location facilitates easy access both to the San Francisco Peninsula and to the 880 Corridor leading to the Port of Oakland, according to a statement from the two companies. The project has prominent entry features, interiors to suit, 28-foot clear heights, significant power, ESFR sprinkler systems and is designed to achieve LEED Silver certification.
Principal and Trammell Crow have owned the site for MidPoint@237 since late 2013, when they acquired it from Cisco Systems. The total size of the development is 57 acres.
This site is adjacent to an office project called MidPoint@237 | The Office, which is owned by Gemdale USA Corporation and Lincoln Property Company. The office site was not part of this deal, and it is a separate development.
Alviso is a part of the city of San Jose, but it retains a unique feel and cultural heritage. The port of Alviso was established in 1840 and was one of the oldest ports on the West Coast, with merchants and shippers shuttling goods to San Francisco by water and San Jose by land carrying quicksilver mined in the Almaden Valley and redwoods chopped in Los Gatos. Alviso’s western portion is listed as a Historic District on the National Register.