CarrAmerica's managing director for Northern California Christopher Peatross says keeping Pericom in the company's portfolio was a high priority. Jim Abarta and Phil Arnautou of Colliers International represented Pericom in the transaction.
Abarta and Arnautou declined comment on the negotiated lease rate. The asking rate for space in the park is $1.15 per sf per month, triple net. Local brokers familiar with the property tell GlobeSt.com negotiated rents are ranging from the high $0.90s to around $1.10, depending on build out and the size and term of the lease.
The build out for Pericom is about 95% office, says Abarta, adding that CarrAmerica recently gutted the building Pericom will occupy and installed brand new improvements. At its current location, Pericom is in two separate buildings. The expansion and relocation was in part prompted by an acquisition, says Abarta.
Rio Robles Technology Center is a seven-building office park in North San Jose with about 400,000 sf of leaseable space. Situated off of North First Street, the property is bounded by I-880 to the east, Highway 101 to the west and Route 237 to the north. At last look, about 40,000 sf was immediately available in the park.
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