SAN JOSE – A large industrial complex in San Jose has attracted a buyer, a sign of continued interest in commercial real estate in Silicon Valley despite the economic uncertainties the coronavirus has sparked.
The large commercial and industrial building houses a number of businesses including a flooring company and a sign company.
The building is approximately 209,700 square feet and is located on 1970 Senter Road near the corner of Wool Creek Drive. The Santa Clara County documents filed on Jan. 22 show this.
A subsidiary of the Exeter Group, a Wyoming-based company, bought the industrial center in cash, according to public records.
The Exeter Group subsidiary paid $ 18.8 million for the industrial and commercial center.
It is possible, however, that Exeter Group may not become the ultimate owner of the site and may instead move ownership to another buyer.
The Exeter Group of Companies, headquartered in Cheyenne, Wyoming, has one of its primary businesses in arranging and entering into 1031 tax-friendly real estate exchanges.
Large e-commerce and logistics companies like Amazon have dramatically expanded their operational and real estate requirements, even as the coronavirus continues to rage – or arguably because of the spread of the deadly bug.
As a result, industrial and commercial properties whose residents are not office tenants, restaurants, or hotels have become increasingly popular with investors.