Lift Partners has paid $25.75 million for 651 Martin Ave., a 7.17-acre industrial site in Santa Clara, Calif., purchasing it from an affiliate of Vantage Data Centers in a sale brokered by JLL.<\/p>\n
The San Francisco-based buyer specializes in repositioning and redeveloping older industrial plots. According to JLL, the new owner plans to lease the site in the near term while it pursues approvals for future development.<\/p>\n
As it stands for now, the parcel features three older industrial properties that together total roughly 78,000 square feet. Those buildings could be demolished as the site can allow for up to 148,635 sqaure feet of industrial property space per zoning. Situated a block from San Jose\u2019s airport, the land is located in a heavy industrial zone.<\/p>\n
\u201cParcels of this size with heavy industrial zoning rarely become available in Silicon Valley,\u201d said JLL\u2019s Erik Hanson, who represented the seller.<\/p>\n
Prior to the sale, Vantage Data Centers, whose affiliate sold the site, had proposed a four-story, 468,175-square-foot data center to be constructed. That project was large enough in scope that it would require having its own electrical substation. However, the application for such a development lapsed in December last year, and the parcel instead changed hands to a more traditional industrial developer.<\/p>\n
As seen in other parts of the country, there has been pushback and grid limits in and around Santa Clara as data centers have a well-known high requirement for power.<\/p>\n
Looking at the latest industrial markers for the Bay Area market, prices have been on the uptick: Prices reached $332 per square foot in the latest Yardi Research data, which is up 130% from a year earlier. That\u2019s also the largest price hike among all Western markets.<\/p>\n
Notably, developable land near the region\u2019s population and freight routes is thin, which keeps well-placed sites in demand even as industrial construction cools across the country.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Lift Partners has paid $25.75 million for 651 Martin Ave., a 7.17-acre industrial site in Santa Clara, Calif., purchasing it from an affiliate of Vantage Data Centers in a sale brokered by JLL. The San Francisco-based buyer specializes in repositioning and redeveloping older industrial plots. According to JLL, the new owner plans to lease the site in the near term while it pursues approvals for future development. As it stands for now, the parcel features three older industrial properties that together total roughly 78,000 square feet. Those buildings could be demolished as the site can allow for up to 148,635…<\/p>\n","protected":false},"author":3163,"featured_media":272,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-7295","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial-real-estate-news"],"acf":[],"yoast_head":"\n