Black Creek Pays $30M for San Jose Warehouse
The property is under new ownership for the first time since 2011, when it was sold after a foreclosure action.
652 N. King Road
Orton Development has completed the $29.5 million disposition of a 117,442-square-foot industrial complex in San Jose, Calif. Black Creek Group acquired the warehouse, according to Santa Clara County records.
The asset previously changed hands in September 2011 for $4.3 million, CommercialEdge data shows. The seller was East-West Bank, which came to own the park after it foreclosed on a $6.3 million loan taken out by a private investor, per public records.
Located at 464, 650 and 652 N. King Road on 11 acres, the asset is 5 miles east of San Jose International Airport and within 2 miles of interstates 680 and 880 and the Bayshore Freeway. The property comprises three buildings completed in 1966 and renovated in 2000 and 2013. The warehouses have an office build-out of 22.7 percent, a total of 13 grade-level doors, 14-foot clear heights and HVAC systems for climate control.
The tenant roster includes logistics provider Guaranteed Express Inc., grocery supplier Fresh & Best Produce and printing company Progressive Solutions.
Active buyer
Over the past year, Black Creek Group purchased several industrial assets nationwide. One of the largest transactions by sale price was the $109 million purchase of a 601,417-square-foot warehouse in San Diego, Calif. Morgan Stanley sold the asset after 15 years of ownership.
In the greater Bay Area market, the company acquired the 241,591-square-foot Bay Area Commerce Center – Hawthorne in Livermore, Calif. Crow Holdings sold the facility for $48.5 million last August.
In July, Black Creek paid $52.8 million for a 190,377-square-foot industrial asset in Springfield, Va. Amazon takes up more than two-thirds of the space and Goodman Distribution occupies the remainder.
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