Investors buy big south San Jose business park in $56 million deal

SAN JOSE — A big tech campus in south San Jose has been
scooped up by a veteran development firm.

Swift Real Estate Partners has bought the two-building Hellyer
Oaks Technology Park in San Jose, according to brokers from CBRE, a
commercial real estate firm that provided advice on the
transaction.

The office park, which totals 348,000 square feet, was bought by
a Swift affiliate for $55.7 million, public documents filed in
Santa Clara County this month show.

The seller was Vertical Ventures, a developer and real estate
investment company. CBRE agents Scott Prosser, Joseph Moriarty,
Jack DePuy, Mike Walker, Brad Zampa, Megan Woodring, and Taylor
Shepard provided advice on various components of the
transaction.

“Vertical Ventures has done an excellent job upgrading the
property,” said Prosser, a CBRE executive vice president.

The property sale appears to represent a big profit for the
seller, according to county documents.

In 2017, Vertical Ventures paid $36 million for the tech campus,
which is at 5215 and 5225 Hellyer Ave. and consists of
interconnected buildings.

Walnut Creek-based Vertical Ventures spent $5.4 million soon
after its purchase to upgrade the office complex, which was built
in 1984. Vertical upgraded the lobbies, corridors, restrooms, a
fitness center, and the management office.

The campus is leased to an array of tenants, including Networked
Energy Services, Power Integrations, Edgewater Networks, and
Barracuda Networks.

“This acquisition is a great opportunity for Swift Real Estate
Partners to finalize the repositioning of the asset,” Prosser
said.

 

Source: FS – All – Real Estate News 1
Investors buy big south San Jose business park in million deal