Westcore, a leading industrial real estate acquisition, development and asset management firm, acquired an 81,475-square-foot, 30-foot clear height industrial warehouse in San Jose, CA for $20.5 million. Located at 1800 Dobbin Drive, the property is 100% leased by the undisclosed seller, who will lease back part of the building, and one other tenant.
“We like the relationship of supply and demand for industrial properties that accommodate mid-sized tenants, particularly for infill locations,” said Peter Mette, managing director with Westcore. “With this acquisition, we were also attracted by the strong economy in San Jose and Silicon Valley and the property’s location proximate to the new Berryessa BART station.”
The Berryessa Transit Center is part of a 10-mile, $2.3-billion extension of the BART lines. Rapid bus service commenced in December 2019, and BART service is expected to begin later this year.
Westcore was unrepresented in the transaction while the Seller was represented by Jeff Ida, First Vice President of Marcus and Millichap.