SAN JOSE, Calif. – KBS Real Estate Investment Trust II (KBS REIT II), a non-traded real estate investment trust based in Newport Beach, announced today the sale of 350 E. Plumeria Drive, a two-story office and research and development building in San Jose, to Griffin Capital Essential Asset REIT II, Inc., a real estate investment trust sponsored by Griffin Capital Corporation, for $44 million. The property is 100 percent leased through 2025 to NETGEAR, a networking technology company providing products to consumers, businesses, and service providers.
350 E. Plumeria Drive totals 142,700 square feet and is located on approximately 8.11 acres in Silicon Valley’s “Golden Triangle.” The property is within one mile of the VTA Light Rail and near Mineta San José International Airport, the SAP Center and executive housing. Located in north San Jose, Silicon Valley’s most diversified technology market, 350 E. Plumeria Drive is easily accessible by Highway 101, Interstate 880 and California State Route 237.
“KBS is pleased to offer Griffin Capital Essential Asset REIT II, Inc. a well-located, stable property in one of the top-performing markets in the country,” said Brent Carroll, senior vice president at KBS.
KBS REIT II acquired the property in December of 2008.
Eastdil represented KBS REIT II in the transaction.
KBS Capital Advisors is the external advisor to KBS Real Estate Investment Trusts (REITs), and
is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered
investment adviser founded in 1992. Since its inception, KBS-affiliated companies have
completed transactional activity in excess of $31.5 billion via 14 separate accounts, six
commingled funds, five sovereign wealth funds and seven non-traded REITs. For information,