SAN JOSE. The veteran Bay Area real estate company has acquired several buildings located on properties in San Jose, Fremont and Milpitas as part of a deal that highlights the appeal of cutting-edge manufacturing and technical tenants.
Peninsula Land & Capital acquired office and research buildings in multiple deals with a DRA Advisors seller, according to filings filed with officials in Santa Clara and Alameda counties.
Palo Alto-based Peninsula Land & Capital paid a total of $ 142 million for Silicon Valley buildings, according to property records.
“We just see good value in research and industrial buildings in good locations,” said Roger Field, chief executive officer of commercial real estate investment firm Peninsula Land.
Buildings involved in transactions and prices:
– $ 87.7 million for a group of buildings in South San Jose from 6311 to 6351 San Ignacio Ave. Together, these buildings make up at least 331,400 square feet in aggregate, according to listing services.
– $ 23.2 million for a two-building complex in the Milpitas Building at S. Hillview Drive, 223-237. The total building area is approximately 100,000 square feet.
– $ 16.7 million for the Fremont building at 3481 and 3501 W. Warren Ave. The total building area is 68,700 square feet.
– $ 14.5 million for the Fremont building at 2800 Bayview Drive. The total building area is approximately 59,000 square feet.
“All buildings have tenants and they are all suitable for modern manufacturing facilities,” Field said.
One of the buildings serves as the headquarters for an advanced battery manufacturer.
Enovix is located in the West Warren building, which houses the company’s headquarters, research and battery manufacturing in Fremont.
According to the county documents, the seller in the transactions was a private investment company DRA Advisors from New York. Peninsula Land and DRA operated through affiliates. Westcore had a stake.
The deals show that Silicon Valley remains a hot ticket for real estate investors, even in the face of economic uncertainty and the problems caused by the coronavirus.
“We are seeing strong demand for these buildings that are suitable for high-tech manufacturing companies,” Field said.