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City Closes on Biggest Piece of 75-Acre, $81M Buy

SAN JOSE, CA-The seller in both cases is publicly traded FMC Corp., a Philadelphia-based chemical company. The City of San Jose plans to use the property to expand the Norman Y. Mineta San Jose International Airport.

By Brian K. Miller | Updated on February 17, 2005

SAN JOSE, CA-The City of San Jose closed escrow Thursday on the purchase of 52 acres adjacent to the Norman Y. Mineta San Jose International Airport for $56.2 million. An additional 23-acre tract adjacent to the airport is under contract to be sold to the city for $25.3 million. The seller in both cases is publicly traded FMC Corp., a Philadelphia-based chemical company. The land was formerly used by FMC’s defense operations, which were sold to the Carlyle Group in 1997. The City of San Jose plans to use the property to expand the airport’s operations. FMC was advised in the transaction by Bradley Martin (San Jose) and David Hasbrouch (Los Angeles) of Cushman & Wakefield. Martin tells GlobeSt.com the 52 acres that just sold hold some 500,000 sf of industrial buildings. Closing on the remaining sale of 23 acres is expected in about a year. That is when FMC expects to complete work on an environmental remediation plan at the former manufacturing site.

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