Newmark announces it has completed the sale of San Tomas Business Centre, a business park comprised of office and light industrial/warehousing space, located at 2060-2101, 2110, 2116 and 2118 Walsh Avenue in Santa Clara, California. The property, which sold for an undisclosed amount, is comprised of nine buildings totaling 79,358 square feet.
Newmark Executive Vice Chairman and President of Western Region Capital Markets Steven Golubchik, Vice Chairman Edmund Najera, Senior Managing Director Jonathan Schaefler and Director Darren Hollak facilitated the transaction.
“San Tomas Business Centre offered a combination of in-place cash flow and meaningful upside through increasing rents and extending lease terms,” said Golubchik. “The existing mix of office and industrial users have demonstrated commitment to the project, making it a stable income-producing asset.”
San Tomas Business Centre features include 15-foot clear heights and 24 grade-level doors, as well as office suites ranging from 150 to 3,500 square feet. The property is proximate to Santa Clara Square, which is made up of a variety of retailers and restaurants, including Starbucks, Whole Foods Market, Flemings, Sephora and Tender Greens.
The property is centrally located within Santa Clara County, providing easy access to major commuting routes US-101 and I-880, as well as the San Jose International Airport. The property is also surrounded by corporate offices for some of the world’s leading innovators, including Nvidia, Google, Apple, Amazon and Samsung, among many others.
Though down from pre-pandemic levels, the San Francisco Bay Area remains among the top markets for volume of office investment sales. According to Newmark’s 4Q22 Capital Markets Report, sales overall declined year-over-year across property sectors. There were small seasonal increases in December 2022 deal closings, except for multifamily.
