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Big north San Jose office buildings bought by Florida investors

June 29, 2020 | by The Mercury News

SAN JOSE — Two big buildings in a north San Jose office complex have been bought by investors from Florida who said they wanted to grab the sites even amid worries spawned by the coronavirus.

Miami-based Exan Group has bought the two North San Jose buildings from KBS, a real estate investment and development firm.

Together, the buildings total about 144,000 square feet. The just-sold offices have addresses of 200 Holger Way and 100 Headquarters Drive.

“KBS consistently identifies exceptionally well-located assets in markets where powerful value creation is possible,” said Rodney Richerson, KBS regional president, western region. “North San Jose, with its close proximity to tightly occupied Silicon Valley cities such as Palo Alto and Mountain View, is one of those markets.”

Mirabaud RE District 237, the Exan Group affiliate, paid $95.2 million on June 26 for the two buildings, according to property records on file with Santa Clara County officials.

District 237 is near State Route 237 between North First Street and Zanker Road.

“The Highway 237 corridor benefits from positive new developments and has emerged as the prime linkage point for companies drawing employees from either side of the San Francisco Bay,” said Brent Carroll, a KBS senior vice president.

The 200 Holger building is three stories and totals 97,000 square feet, while the 100 Headquarters building totals 47,000 square feet and is two stories.

“District 237 meets our current acquisition mandate of core assets with credit tenants within the best submarkets in the U.S,” said Juan Zaragoza, founder and managing partner with Exan Group.

The purchase marks Exan Group’s first property acquisition in the Bay Area, according to the list of markets posted on the Exan website. Exan hungers for more properties.

“Our plan is to continue building our portfolio with assets similar to District 237 in the upcoming quarters,” Zaragoza said.

Source: The Mercury News

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