The property was developed in 1981 and significant renovations were undertaken in 2008. It features concrete construction, solar power, four dock doors and ample parking.

“Nazareth is very excited about this acquisition and our overall growth. This property is of particular pride, given the great relationship we are already building with our tenants, Johnson & Johnson Vision, who are undertaking a great deal of investment into the property including contemplating working with us to update the renewable energy infrastructure,” Kardosh tells GlobeSt.com. “Together, both parties are committed to corporate responsibility and conservation.”

The purchaser was represented by Abe Matar with Landmark Real Estate Services. Financing was arranged by BluePoint Commercial Mortgage and provided by Deutsche Bank.

Regarding notable second-quarter Silicon Valley purchases, Trammell Crow was very active, buying multiple industrial properties in San Jose. The company hopes these recent acquisitions will become Google developments in the near future. Trammell Crow's largest purchase was a 201,940-square-foot building at 587 Cinnabar St. Realty Associates Fund completed the second largest transaction with its 192,397-square-foot warehouse investment in the Fremont Business Center at 5695 Stewart Ave. Investor Habib Zakerani came in third with an 187,689-square-foot six-building purchase of the Lion Business Park at 2220-2296 Quimby Rd. in San Jose. Zakerani also purchased a roughly 218,000-square-foot lot at 2240 Tully Rd. Angelo, Gordon & Company rounded out the notable buyers, acquiring 5901 Optical Court in San Jose, a roughly 185,000-square-foot building.

Johnson & Johnson

MILPITAS, CA—Industrial and warehouse demand still remains high, outpacing the constrained supply. Large-scale investors and users were forced to place their money in the southern and eastern regions of the Valley during the last quarter, with limited opportunities elsewhere. Industrial and warehouse investors continue to gobble up the few remaining properties with plans to redevelop into different product types that can yield higher returns, according to Kidder Mathews' second quarter industrial report.

Construction stayed constant during the second quarter with 1,175,608 square feet of industrial development underway. Warehouse construction remains at 84,648 square feet, after being entirely dormant last quarter, says the report. These projects can't be completed soon enough as tenant demand for space in Silicon Valley continues to rise.

An example of industrial investors seeking properties outside the metro, Nazareth Enterprises Inc. recently completed the $49.8 million acquisition of the facilities of Johnson & Johnson Vision, a 180,086-square-foot flex building situated on 13.43 acres. The facility located at 510 Cottonwood Dr. in Milpitas is 100% occupied by Johnson & Johnson Vision.

“This is a highly prized asset for us, due to Abbott Medical/Johnson & Johnson Vision and the property's mission critical use,” said Mounir Kardosh, CEO/president of Nazareth Enterprises Inc.

The property was developed in 1981 and significant renovations were undertaken in 2008. It features concrete construction, solar power, four dock doors and ample parking.

“Nazareth is very excited about this acquisition and our overall growth. This property is of particular pride, given the great relationship we are already building with our tenants, Johnson & Johnson Vision, who are undertaking a great deal of investment into the property including contemplating working with us to update the renewable energy infrastructure,” Kardosh tells GlobeSt.com. “Together, both parties are committed to corporate responsibility and conservation.”

The purchaser was represented by Abe Matar with Landmark Real Estate Services. Financing was arranged by BluePoint Commercial Mortgage and provided by Deutsche Bank.

Regarding notable second-quarter Silicon Valley purchases, Trammell Crow was very active, buying multiple industrial properties in San Jose. The company hopes these recent acquisitions will become Google developments in the near future. Trammell Crow's largest purchase was a 201,940-square-foot building at 587 Cinnabar St. Realty Associates Fund completed the second largest transaction with its 192,397-square-foot warehouse investment in the Fremont Business Center at 5695 Stewart Ave. Investor Habib Zakerani came in third with an 187,689-square-foot six-building purchase of the Lion Business Park at 2220-2296 Quimby Rd. in San Jose. Zakerani also purchased a roughly 218,000-square-foot lot at 2240 Tully Rd. Angelo, Gordon & Company rounded out the notable buyers, acquiring 5901 Optical Court in San Jose, a roughly 185,000-square-foot building.