211 River Oaks Parkway. Picture courtesy of CommercialEdge
International Web Lease Inc. has bought a 164,608-square-foot workplace campus in San Jose, Calif., for $50 million. GNL initially bought the property in 2014 for $52.5 million.
Located on 9.8 acres at 211 River Oaks Parkway, the property contains three two-story buildings accomplished in 1982 and utterly renovated in 2012, Industrial Edge knowledge reveals.
The client plans to transform the asset to residential use, stated James Nelson, CEO of GNL, in ready remarks. A submitting with the San Jose Planning Division reveals that Valley Oak Companions proposed 737 models to be constructed on the positioning, in accordance with SiliconValley.com.
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The campus is 7 miles from downtown San Jose, throughout the road from River Oaks Park. A number of procuring and eating choices are close by, alongside Interstate 880.
Low workplace gross sales quantity within the Bay Space
GNL’s property was the most important workplace asset that bought in San Jose for the reason that starting of the yr, in accordance with CommercialEdge knowledge. The submarket’s gross sales quantity totaled solely about 335,000 sq. ft of workplace area as of July.
Workplace gross sales had been scarce within the Bay Space general as properly. The identical knowledge supplier reveals that some 1.6 million sq. ft traded within the space within the first half of 2023. One of many greatest offers concerned a 244,906-square-foot workplace asset in Santa Clara, Calif., that modified palms for greater than $182 million.
