Newmark announces it has arranged the sale of Oakland Road Business Park, a 177,117-square-foot industrial and flex campus comprised of four buildings across 8.22 acres in North San Jose, California. The asset sold for an undisclosed amount.
Newmark Executive Vice Chairman and President of Western Region Capital Markets Steven Golubchik, Vice Chairman Edmund Najera, Senior Managing Director Jonathan Schaefler and Director Darren Hollak facilitated the transaction.
“Oakland Road Business Park is a stabilized North San Jose asset with strong in-place cash flow and future upside through redevelopment of the sprawling eight-acre campus,” said Golubchik. “The existing mix of office and industrial users have demonstrated commitment to the project, making it a secure income-producing asset.”
Located at 1580-1630 Old Oakland Road, the campus is 90% leased to a diverse mix of nearly 100 tenants with an eight-year average tenure. Prominently located at the corner of Old Oakland Road and Murphy Avenue, the property offers a central North San Jose location and provides convenient access to the greater San Francisco Bay Area via the 880 and 101 Freeways. Additionally, the campus is directly across the street from abundant multifamily housing and retail options including Sprouts, City Sports Club and Chipotle.
Though down from pre-pandemic levels, the San Francisco Bay Area remains among the top markets for volume of office investment sales. According to Newmark’s 4Q22 Capital Markets Report, sales overall declined year-over-year across property sectors. There were small seasonal increases in December 2022 deal closings, except for multifamily.
