Rare Silicon Valley Heavy Industrial Site Changes Hands

JLL Capital Markets closed the $25.75-million sale of 651 Martin Ave., a 7.17-acre infill industrial development site in Santa Clara. Senior director Erik Hanson and analysts Brendan Bury and Tasman Lynch. represented the seller. Lift Partners acquired the asset.

The site currently features three individual structures including a 29,644-square-foot warehouse, a 44,162-square-foot warehouse and a 4,393-square-foot service center. The 312,325-square-foot parcel is zoned for heavy industrial, a designation allowing a wide range of uses from warehouse and distribution to industrial outdoor storage. The buyer is focused on the near-term lease up of the site while pursuing entitlements for industrial development.

“Parcels of this size with heavy industrial zoning rarely become available in Silicon Valley, and the competitive bidding process demonstrated strong investor appetite for infill development sites in core coastal markets,” Hanson said. “The property’s flexible zoning and strategic location position it to serve the region’s growing advanced manufacturing sector.”

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