CBRE Arranges $95M Sale of San Jose R&D Property
JJ&W has purchased Montague Crossing, a 209,000-square-foot R&D property in San Jose, CA. CBRE’s Scott Prosser, Joe Moriarty and Jack DePuy represented the buyer in the $94.65 million, off-market 1031-exchange. The seller was Four Corners Properties and Rockwood Capital.
Montague Crossing, located at Junction Avenue and East Trimble Road, is comprised of three buildings on 12.39 acres. The facility is 100% leased to three R&D tenants in the semiconductor and advanced manufacturing sectors.
“Navigating today’s market headwinds can be challenging, but assets like Montague Crossing that are centrally located, renovated and fully-leased are well-positioned for long-term growth. We’re pleased to represent the buyer and deliver an attractive core asset for our clients,” said Prosser.
“Adding a blue-chip asset like Montague Crossing to our portfolio is an exciting milestone for JJ&W and reaffirms our commitment to continued investment and growth in the South Bay,” commented JJ&W CFO Bob Raybuck.
- ◦Sale/Acquisition