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Adobe Closes on Development Sites

SAN JOSE-What was originally a 5.5-acre, $25-million deal scheduled to close five months ago grew into a 7.7-acre, $32.5-million transaction, most of which closed this week.

By Brian K. Miller | Updated on December 19, 2006

(To read more on the multifamily market, click here.)

SAN JOSE-Adobe Systems Inc. is acquiring 7.7 acres here from SJW Corp. for $32.5 million. The two public companies originally agreed to a 5.5-acre, $25-million deal in April that was scheduled to close in August but never did. In mid-November, a contiguous 2.2-acre property was added to the deal and earlier this week Adobe closed on all but one acre, SJW’s director of real estate Janelle McCombs tells GlobeSt.com. Combined, the acreage is known as the Delmas property.

The 5.5-acre parcel, located at 374 W. Santa Clara St., is immediately adjacent to SJW’s headquarters and one-half mile from Adobe’s headquarters. Currently developed as surface parking, the property is entitled for approximately one million sf of commercial real estate with 15,000 sf to 50,000 sf of street-level retail. The additional 2.2-acre property, which sits adjacent to the 5.5-acre site, is entitled for 325 high-rise residential units above 5,000 sf to 15,000 sf of street-level retail. The one acre that Adobe has not yet acquired holds a 16,000-sf historic office building.

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