{"id":1004186334,"date":"2017-08-09T00:30:25","date_gmt":"2017-08-09T08:30:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004186334"},"modified":"2022-12-08T18:27:58","modified_gmt":"2022-12-09T02:27:58","slug":"milpitas-office-building-trades-for-50m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/milpitas-office-building-trades-for-50m\/","title":{"rendered":"San Jose Office Building Trades for $50M"},"content":{"rendered":"<p>By Razvan Cimpean<\/p>\n<div id=\"attachment_1004186345\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/510-Cottonwood-Drive-in-Milpitas-Calif..jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004186345\" data-attachment-id=\"1004186345\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/milpitas-office-building-trades-for-50m\/510-cottonwood-drive-in-milpitas-calif\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/510-Cottonwood-Drive-in-Milpitas-Calif..jpg\" data-orig-size=\"2496,1871\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"510 Cottonwood Drive in Milpitas, Calif.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;510 Cottonwood Drive in Milpitas, Calif.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/510-Cottonwood-Drive-in-Milpitas-Calif..jpg?w=1024\" class=\"wp-image-1004186345 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/510-Cottonwood-Drive-in-Milpitas-Calif..jpg\" alt=\"510 Cottonwood Drive in Milpitas, Calif.\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/510-Cottonwood-Drive-in-Milpitas-Calif..jpg 2496w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/510-Cottonwood-Drive-in-Milpitas-Calif..jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/510-Cottonwood-Drive-in-Milpitas-Calif..jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/510-Cottonwood-Drive-in-Milpitas-Calif..jpg?resize=1024,768 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/510-Cottonwood-Drive-in-Milpitas-Calif..jpg?resize=1536,1151 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/510-Cottonwood-Drive-in-Milpitas-Calif..jpg?resize=2048,1535 2048w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/510-Cottonwood-Drive-in-Milpitas-Calif..jpg?resize=150,112 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/510-Cottonwood-Drive-in-Milpitas-Calif..jpg?resize=696,522 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/510-Cottonwood-Drive-in-Milpitas-Calif..jpg?resize=1068,801 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/510-Cottonwood-Drive-in-Milpitas-Calif..jpg?resize=1920,1439 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/510-Cottonwood-Drive-in-Milpitas-Calif..jpg?resize=560,420 560w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/510-Cottonwood-Drive-in-Milpitas-Calif..jpg?resize=80,60 80w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/510-Cottonwood-Drive-in-Milpitas-Calif..jpg?resize=265,198 265w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004186345\" class=\"wp-caption-text\">510 Cottonwood Drive in Milpitas, Calif.<\/p><\/div>\n<p>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 &amp; Johnson Vision, changed hands for $49.8 million.<\/p>\n<p>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.<\/p>\n<p><em>\u201cThis is a highly prized asset for us, due to Abbott Medical\/Johnson &amp; Johnson Vision and the property\u2019s mission critical use,\u201d <\/em>Mounir Kardosh, CEO &amp; president of Nazareth Enterprises, said in prepared remarks.<\/p>\n<h2>Financial Details<\/h2>\n<p>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 <a href=\"https:\/\/www.commercialsearch.com\/news\/nazareth-snags-16m-silicon-valley-industrial-asset\/\">Madrone Business Park<\/a> in Morgan Hill, Calif.<\/p>\n<p>According to Yardi Matrix data, Menlo Equities purchased the two-story property in 2010 from Dividend Capital for $24.1 million.<\/p>\n<p><em>Image courtesy of Nazareth Enterprises<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &amp; Johnson Vision.<\/p>\n","protected":false},"author":753,"featured_media":1004186345,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21742,21747,36079,15],"tags":[32791,36921,33084,36920],"class_list":["post-1004186334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-latest","category-office","category-san-jose","category-west","tag-deutsche-bank","tag-landmark-real-estate-services","tag-menlo-equities","tag-nazareth-enterprises"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>San Jose Office Building Trades for $50M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/milpitas-office-building-trades-for-50m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"San Jose Office Building Trades for $50M\" \/>\n<meta property=\"og:description\" content=\"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 &amp; Johnson Vision.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/milpitas-office-building-trades-for-50m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-08-09T08:30:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:27:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/510-Cottonwood-Drive-in-Milpitas-Calif..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2496\" \/>\n\t<meta property=\"og:image:height\" content=\"1871\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Razvan Cimpean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/milpitas-office-building-trades-for-50m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/milpitas-office-building-trades-for-50m\/\",\"name\":\"San Jose Office Building Trades for $50M - 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