{"id":1004548698,"date":"2021-08-26T09:11:36","date_gmt":"2021-08-26T17:11:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004548698"},"modified":"2022-12-07T06:53:16","modified_gmt":"2022-12-07T14:53:16","slug":"usaa-real-estate-sells-san-jose-office-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/usaa-real-estate-sells-san-jose-office-campus\/","title":{"rendered":"USAA Real Estate Sells San Jose Office Campus"},"content":{"rendered":"
\"\"<\/a>

America Center in San Jose. Photo by Vantage Point Photography<\/p><\/div>\n

Investment firm USAA Real Estate has closed on the sale of a 427,600-square-foot office campus in San Jose, Calif., to buyer Shorenstein Properties. The Class A office complex sold for $235 million, according to published reports<\/a>.<\/p>\n

America Center Phase 1 is part of the five-building America Center complex just off Highway 237 in northwest San Jose. San Antonio-based USAA purchased the complex in December 2013 for $86.1 million, according to CommercialEdge data.<\/p>\n

The sale also includes a development site for a new, 200,000-square-foot office building.<\/p>\n

According to research from JLL, office rents in the Silicon Valley market have shot up 47 percent since 2013, with rent prices growing 17 percent over the last two years.<\/p>\n

\n

READ ALSO: <\/strong>Urban Catalyst Lands Financing for Silicon Valley Makeover<\/a><\/p>\n

\n

Built on a 3.9-acre site in Santa Clara County, the complex was completed in 2009 and is currently 98 percent leased, according to JLL. The campus is LEED Gold certified and features green tenant amenities including jogging and biking trails, a fitness center, a sports park and ample outdoor gathering space.<\/p>\n

A JLL Capital Markets team of Will Connors, Michael Leggett, Rob Hielscher, Daniel Renz and Michael Manas represented the seller in the deal. A JLL debt placement team of Bruce Ganong, Geoff Goldstein Spencer Bergthold and Auden Menke arranged the acquisition financing on behalf of the buyer.<\/p>\n

The sale comes two months after USAA sold an office development<\/a> in Austin to an unnamed buyer. Along with partner Patrinely Group, the investment firm sold Aspen Lake Three, a 128,990-square-foot office complex in northwest Austin that will be 100 percent leased by financial software company Q2 Holdings Inc.<\/p>\n

Shorenstein\u2019s acquisition comes on the heels of an active summer for the firm. In July, the company acquired a Class B office campus<\/a> in Northern Virginia and sold the 296,327-square-foot Sorrento Towers complex in San Diego for $146 million. Just last month, Shorenstein paid $185 million for a 105-year-old office building along the waterfront in Seattle, Wash.<\/p>\n","protected":false},"excerpt":{"rendered":"

The deal reportedly closed for $235 million and includes a development site for a new ground-up building.<\/p>\n","protected":false},"author":745,"featured_media":1004548704,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747,1609,15],"tags":[44006,33448,44930],"class_list":["post-1004548698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","category-san-francisco","category-west","tag-jll-capital-markets","tag-shorenstein-properties","tag-usaa-real-estate"],"acf":[],"yoast_head":"\nUSAA Real Estate Sells San Jose Office Campus -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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