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SoCal Investor Sees Value-Add in Distressed Tower

SAN JOSE, CA-The buyer of the Civic Center Tower here hopes to capture an initial yield in the range of 6.5% based on new leases struck at current market rates, according to a source.

By Natalie Dolce | Updated on September 23, 2013

SAN JOSE, CA-A southern California investor paid nearly $12 million for Civic Center Tower, GlobeSt.com has exclusively learned. The 13-story distressed office and retail property is located at 675-695 N. 1st St. in San Jose.

The 109,850-square-foot property was built in 1966 and a 4,300-square-foot retail building on the corner of the property. The seller of the foreclosed property was commercial mortgage special-servicing company LNR Property LLC.

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