A local real estate firm has purchased a portion of an office and research park in San Jose, indicating continued investor interest in certain types of commercial properties despite economic uncertainty.
The purchase of three buildings within the Oakland Road Business Park was recorded on July 14 with the Santa Clara County Recorder’s Office. Peninsula Land & Capital, through an affiliate, acquired the properties.
These buildings add up to approximately 129,800 square feet, according to Compstak. The entire business park spans 177,000 square feet.
The property flyers show that the business park has relatively low vacancy rates, making it an attractive purchase for Peninsula Land.
Based in Palo Alto, Peninsula Land & Capital owns multiple properties in the Bay Area, primarily in Santa Clara County and the East Bay. The company has been actively purchasing properties in recent years.
– In 2021, Peninsula Land acquired a portfolio of research and office buildings in San Jose, Fremont, and Milpitas for $142 million.
– Also in 2021, the company purchased two tech buildings in south San Jose on Optical Court for $63.5 million.
– In March 2022, Peninsula Land bought an office and research building in south San Jose at 5883 Rue Ferrari for $23.5 million.
– In April 2022, the real estate firm paid $23 million for a research and office building at 2950 Zanker Road in north San Jose.
Peninsula Land has also sold properties in recent years.
In 2021, the company sold a downtown Mountain View office and retail building at the corner of California Street and Castro Street for $31.3 million.
In January 2022, Peninsula Land sold five industrial parcels in north San Jose near the corner of Rogers Avenue and Queens Lane to R&C Brown Associates.
According to its website, Peninsula Land & Capital is a private equity commercial real estate investment firm focused on acquiring and selling office and research buildings in Silicon Valley and the greater Bay Area.