{"id":1004245631,"date":"2018-07-27T02:48:23","date_gmt":"2018-07-27T10:48:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004245631"},"modified":"2022-12-08T00:10:36","modified_gmt":"2022-12-08T08:10:36","slug":"equus-capital-sells-major-san-jose-mixed-use-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/equus-capital-sells-major-san-jose-mixed-use-project\/","title":{"rendered":"Equus Capital Sells Major San Jose Mixed-Use Project"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004245634\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/City-View-Plaza.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004245634\" data-attachment-id=\"1004245634\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/equus-capital-sells-major-san-jose-mixed-use-project\/city-view-plaza\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/City-View-Plaza.jpg\" data-orig-size=\"800,620\" 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=\"City View Plaza\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;City View Plaza&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/City-View-Plaza.jpg?w=800\" class=\"wp-image-1004245634 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/City-View-Plaza.jpg\" alt=\"City View Plaza\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/City-View-Plaza.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/City-View-Plaza.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/City-View-Plaza.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004245634\" class=\"wp-caption-text\">City View Plaza<\/p><\/div>\n<p>NKF Capital Markets has orchestrated the sale of City View Plaza, a premier mixed-use property in San Jose, Calif., the city dubbed the Capital of Silicon Valley. Acting on behalf of Equus Capital Partners Ltd., the commercial real estate advisory firm sold the 579,500-square-foot office and retail asset to Jay Paul Co.<\/p>\n<p><em>\u201cThe investment community was very interested in this offering given its location and gross deal size. We completed over 60 property tours and received a healthy amount of offers,\u201d <\/em>Edmund Najera, an executive managing director with NKF Capital Markets, told <em>Commercial Property Executive<\/em>. <em>\u201cThe process was very competitive.\u201d<\/em><\/p>\n<p>City View last changed hands in 2007 when an affiliate of Equus, BPG Investment Partnership VIII &amp; VIIIA LP, picked up the asset for $169.5 million. Occupying a full city block in downtown San Jose, City View features nine buildings encompassing 534,000 square feet of office space and 45,500 square feet of retail. The 11-acre property also offers a 138,000-square-foot plaza and accommodations for more than 1,000 vehicles in subterranean and structured parking facilities.<\/p>\n<p>Along with Najera, the NKF Capital Markets team representing Equus in the City View trade included Steven Golubchik, a vice chairman with the firm, and David Hosler, a senior analyst. Matt Wyman and Lindsey Barr, attorneys with law firm Cox, Castle &amp; Nicholson, provided counsel to the seller. Rob Butchenhart, vice president &amp; manager of Equus\u2019 West Coast office, managed the operational aspects of the disposition.<\/p>\n<h2>Seeing the future in San Jose<\/h2>\n<p>Following its purchase of City View more than a decade ago, Equus commenced a $10 million renovation and repositioning of the property, which was then known as Park Center Plaza. Today, the mixed-use destination is 85 percent leased\u2014and rife with potential.<\/p>\n<p><em>\u201cGiven the central location of City View Plaza, Jay Paul will do very well,\u201d<\/em> Najera said. <em>\u201cIn addition, downtown San Jose continues to get better and better at attracting larger tech tenants and providing the live\/work lifestyle people want.\u201d<\/em><\/p>\n<p>It hasn\u2019t been just a good quarter in San Jose, it\u2019s been a good year. Net absorption for 2018 totaled nearly 1.7 million square feet at mid-year, according to a report by commercial real estate services firm Newmark Knight Frank, of which NKF Capital Markets is the financial services division. Lease transactions include cloud computing services firm <a href=\"https:\/\/www.commercialsearch.com\/news\/san-jose-office-development-lands-first-tenant\/\">8&#215;8\u2019s commitment to approximately 162,600 square feet<\/a> at the Coleman Highline project earlier this year. On the other end of the size spectrum, Micron Technologies signed on for 603,000 square feet at 110-130 Holger Way in Silicon Valley\u2019s largest direct lease of the second quarter.<\/p>\n<p><em>Image courtesy of NKF Capital Markets<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Jay Paul Co. acquired City View Plaza, a 580,000-square-foot office and retail asset. NKF Capital Markets negotiated the deal on behalf of the seller.<\/p>\n","protected":false},"author":969,"featured_media":1004245634,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21752,21742,36079,15],"tags":[38076,40859,33346,41369,36007,38621],"class_list":["post-1004245631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-mixed-use","category-latest","category-san-jose","category-west","tag-cox-castle-nicholson","tag-edmund-najera","tag-equus-capital-partners","tag-jay-paul-company","tag-newmark-knight-frank","tag-steven-golubchik"],"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>Equus Capital Sells Major San Jose Mixed-Use Project - 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\/equus-capital-sells-major-san-jose-mixed-use-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Equus Capital Sells Major San Jose Mixed-Use Project\" \/>\n<meta property=\"og:description\" content=\"Jay Paul Co. acquired City View Plaza, a 580,000-square-foot office and retail asset. 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