SAN JOSE, CA-A two-building 309,000-square-foot transit-oriented office complex in downtown San Jose, CA is on the block. HFF has been selected to market Community Towers for sale in what they call a “value-add investment opportunity.”
According to HFF, the building has 63% of the rentable square feet expiring in the first three years with in-place rents approximately 27% below market rents at expiration.
Community Towers is located at 111 West St. John St. and 111 North Market St., and is adjacent to San Pedro Square. It is within close proximity to San Jose's SAP Center (formerly HP Pavilion).
The property provides immediate access to Highway 87 with connections to Interstates 280, 680 and 880, as well as US 101, and is a five-minute drive to San Jose's Norman S. Mineta International Airport.
The property was substantially renovated in 2007-2008 and is currently 94% leased with tenants including Kerio Technologies, Sunwize, Anatomage, and Rockwell Automation.
The HFF investment sales team representing the seller is led by managing directors Steven Golubchik and Nicholas Bicardo and director John Simerlein.
“Community Towers provides investors the opportunity to acquire an asset with significant upside potential in a prime location,” says Simerlein.“Downtown San Jose is one of the most rapidly evolving cities in Silicon Valley, with an abundance of restaurant and retail amenities, public transportation options including Caltrain, and a wide and growing list of housing options all within walking distance to the property.”
Although HFF did not respond to GlobeSt.com inquiries regarding the seller, reasons for selling or what price the property would fetch, according to published reports, Canadian Imperial Bank of Commerce had lent local real estate investors John and Rosalie Feece $34 million to purchase the towers in 2006.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
