(EDITOR’S NOTE: According to public records, the transaction closed on April 23, 2018 for $11,700,000, or almost $149 per square foot.)
San Jose, CA – Westcore Properties has purchased Silicon Valley Research Center, two R&D buildings located at 1110 and 1120 Ringwood Court in San Jose, California, from LBA for an undisclosed sum.
Building one, at 1110 Ringwood Court, contains 46,040-square-feet of shell-condition space. Building two, at 1120 Ringwood Court, offers 32,552-square-feet of turnkey space. Both buildings were vacant at the time of purchase.
“We see an opportunity to create value in this project; Silicon Valley continues to experience healthy tenant demand,” says Peter Mette, Director of Acquisitions for Westcore Properties. “We will commit substantial capital to further enhance the image and function of the property.”
Bob Steinbock and Scott Prosser of CBRE represented LBA in the transaction. Westcore represented itself.
“We expect demand from industrial and R&D users to stay strong in Silicon Valley for the foreseeable future,” said Steinbock. “With close proximity to major transportation corridors and just five miles from the San Jose airport, Silicon Valley Research Center has a lot of potential to deliver value for Westcore, its investors and its tenants.”
About Westcore Properties
Westcore Properties is a global, entrepreneurial commercial real estate investment firm with a specialized focus in Western United States commercial and industrial properties. Since its founding in 2000, Westcore Properties and its affiliates have acquired and managed more than $4 billion in industrial and office assets, comprised of more than 750 buildings and totaling over 45 million square feet. In addition to its U.S. headquarters in San Diego, Westcore Properties has regional offices in Los Angeles; Oakland; Sacramento; and Denver, as well as satellite offices in London, England; and Lausanne and Geneva, Switzerland.