101,000 SF Value-Add Office
- Acquired August 2016 with Westbrook Partners.
- 4-story building that was 100% vacant at time of acquisition.
- Built in 1946 for JC Penny's, the building benefits from boardform concrete frame, timber deck and dramatic center atrium.
- Exterior/Interior renovation plans were completed and in mid construction project was sold in August 2018 on cold shell to Jay Paul Companies (exceeding business plan stabilized value with a proforma tenant in place).
- Located on prominent corner in downtown San Jose adjacent to San Pedro Square retail amenities, VTA light rail and future BART stop. Property offered near-term cash flow with long-term development upside.