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Buyer on Hook for Vacant First Street Tech Center

SAN JOSE, CA-CarrAmerica, the owner of the 67,582 sf building says the contingent sale price is $5 million. At that price, the Washington, DC-based company says it would lose $2.3 million on the transaction.

By Brian K. Miller | Updated on November 04, 2004

SAN JOSE, CA-CarrAmerica has a buyer on the hook for its tenantless First Street Technology Center. The Washington, DC-based company says the contingent sale price is $5 million for the vacant 67,582-sf building.First Street Technology Center is a 4.6-acre development located at 3745-3775 North First St., near Highway 237. The property includes one single-story building and 268 parking spaces (4:1,000 sf)The buyer has not yet been revealed, as the sale agreement is subject to certain due diligence, financing and other closing contingencies. If CarrAmerica realizes the $5 million, it also will realize a $2.3-million charge in the fourth quarter, representing the loss on its investment in the property.

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