October 10, 2016
Lowe Enterprises Investors, in joint venture with Los Angeles-based Vista Investment Group, acquired a 92,864-square-foot office, R&D building in San Jose, CA from Qualcomm. Though no sales price was disclosed, property records show the latest assessed value was nearly $22 million.
Concurrent with the closing, a long-term, U.S. HQ lease was executed with Thinfilm Electronics, Inc. for the entire building. The lease was completed direct between Lowe and the tenant.
The property, designed as connected one- and two-story buildings, is set on 5.4 acres at 2581 Junction Ave. It includes a 22,000-square-foot, state-of-the-art clean room. Renovations will begin immediately, with occupancy anticipated for Q1 2017.
Lowe’s Peter Morgan, Andy Sands and Alan Chamorro led the acquisition team. The seller was represented by ATREG, a Seattle-based disposition firm for fab, clean room, or technology manufacturing assets.
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