December 7, 2016
New York-based Blackstone Group LP acquired a 450,000-square-foot industrial building in San Jose, CA for $60.2 million from Irvine, CA-based LBA Realty LLC. The transaction was part of a larger $1.5-billion portfolio sale involving 46 West Coast properties.
The facility is located at 2055 S. Seventh St. in a foreign trade-free zone, and features 24 dock loading positions, 28-foot clear height and is rail served.
Among the other Bay Area assets acquired are a 122,320-square-foot office, lab and warehouse facility in North San Jose for $26.5 million, and a 44,543-square-foot office and lab facility in Milpitas for $10.3 million.
The keen investment interest in industrial assets is being driven by e-commerce demand.
CBRE’s Chip Sutherland and Charles Strauss handle leasing.
For comments, questions or concerns, please contact Dennis Kaiser