December 14, 2020, 10:00AM
Newmark announces it has completed the $26.6 million sale of an industrial asset located at 2144 Oakland Road in San Jose, California. The 100 percent leased property is comprised of 82,900 square feet of newly constructed industrial space leased to The County of Santa Clara.
Newmark’s Head of Northern California Capital Markets Steven Golubchik, Vice Chairman Edmund Najera, Managing Director Jonathan Schaefler and Associate Directors Darren Hollak and Jack Phipps represented the seller, Panattoni Development Company, Inc., in the transaction to buyer TA Realty.
“2144 Oakland Road offers what investors are seeking in a post-COVID-19 market – investment grade tenancy, 12+ years of lease term and newly constructed industrial product in a core location,” said Najera.
The building features five dock height doors, approximately 30-foot minimum clear heights, four grade level doors and an ESFR fire suppression system. 2144 Oakland Road is centrally located to both the 880 and 680 freeways providing efficient access to the property from surrounding areas.
The Silicon Valley industrial market continues to experience consistent leasing activity, recording nearly 2.7 million square feet of gross absorption in 2020 year-to-date, according to Newmark Research. The region’s vacancy rates have remained steady during the global pandemic with just a 4.22 percent vacancy rate.
The San Jose submarket in the third quarter had the best performance within the Silicon Valley area, with a positive net absorption of 91,351 square feet and steady NNN asking rents at $1.30 per square foot.
About Newmark Group, Inc. (NASDAQ: NMRK)
Newmark Group, Inc. is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology and industry expertise, Newmark brings ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark Group, Inc. generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements About Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.