Trammell Crow Buys San Jose Industrial Asset for $51.5MM

Trammell Crow, the Dallas, Texas-based developer that is under way in constructing its mega development steps from San Jose’s Diridon Station, is continuing to assemble property in the vicinity of its project. The company just purchased a nearly 200,000 square foot industrial property located at 587 Cinnabar Street for $51.5 million, or roughly $257 per square foot, according to sources familiar with the details of the transaction. The seller was Menlo Park-based A&F Properties LLC, an entity associated with Azadeh and Farzam Hariri of Menlo Park.

The property today is home to Pitco Foods, the San Jose-based, member-only independently-owned food service operator.

Earlier this month, the Silicon Valley Business Journal reported that Trammell Crow spent over $17 million to purchase eight other properties in the same neighborhood, part of what is emerging to be a concerted effort to assemble a portfolio in San Jose’s downtown core that is close to the SAP Center as well as the Diridon Station.

The most recent purchase is a building that was constructed in the mid 1970s. The latest assessment on the property for the year 2016-2017, including land and building value, was just under $7 million.

It is not clear what Trammell Crow intends to do with the property at this point. When contacted for comment, a representative said the company was not able to provide any feedback on the purchase or future plans for the location.

West Coast Commercial Real Estate News