San Jose Office Building Trades for $50M
Menlo Equities sold a 180,000-square-foot building in Milpitas, Calif., to Nazareth Enterprises. At the time of sale, the asset was fully leased to Johnson & Johnson Vision.
By Razvan Cimpean
510 Cottonwood Drive in Milpitas, Calif.
Nazareth Enterprises acquired a 180,000-square-foot office building in Milpitas, Calif., from Menlo Equities. The building, which serves as the Northern California facility of Johnson & Johnson Vision, changed hands for $49.8 million.
Located at 510 Cottonwood Drive, the asset offers easy access to Nimitz Freeway, Montague Expressway and to multiple public transportation stations. Developed in 1981, the office building underwent significant renovations in 2008. The property features more than 750 parking spaces.
“This is a highly prized asset for us, due to Abbott Medical/Johnson & Johnson Vision and the property’s mission critical use,” Mounir Kardosh, CEO & president of Nazareth Enterprises, said in prepared remarks.
Financial Details
Abe Matar of Landmark Real Estate Services represented the buyer in the transaction, while BluePoint Commercial Mortgage arranged a $32.4 million acquisition loan provided by Deutsche Bank. Last month, Nazareth Enterprises also acquired the Madrone Business Park in Morgan Hill, Calif.
According to Yardi Matrix data, Menlo Equities purchased the two-story property in 2010 from Dividend Capital for $24.1 million.
Image courtesy of Nazareth Enterprises
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