SAN JOSE — A big north San Jose building that is fully occupied by a tech company has been bought in a deal that enriched the sellers with a hefty profit that points to a robust Silicon Valley office market.
Investors have bought a building at 250 Holger Way in San Jose, a short distance from the interchange of State Route 237 and North First Street, according to Santa Clara County property documents.
The seller was an affiliate of KBS Real Estate Investment Trust, the county documents show. The buyer is linked to an investment group based in San Francisco.
“This is a well-located building and is a well-designed asset,” said Dave Sandlin, an executive vice president with Colliers International, a commercial real estate firm.
The buyer paid $38.3 million for the building, county property records that were filed on Sept. 28 show.
The building totals 76,000 square feet and is fully leased to CDK Global, a tech company that provides software for the automotive sector.
KBS bought the building in 2013, and its assessed value at the time of the purchase was $25.9 million, Santa Clara County assessment records show.
“Despite our uncertainties with COVID, real estate in Silicon Valley is still appreciating in value,” Sandlin said.
