SAN JOSE — A big industrial complex in San Jose has drawn a buyer, a sign of ongoing interest in Silicon Valley commercial properties despite the economic uncertainties that the coronavirus has triggered.
The large commercial and industrial building contains a number of businesses, including a flooring company and a sign company.
The building totals about 209,700 square feet and is located at 1970 Senter Road near the corner of Wool Creek Drive, Santa Clara County documents filed on Jan. 22 show.
An affiliate of The Exeter Group, a company based in Wyoming, bought the industrial center in a cash purchase, according to the public records.
Exeter Group’s affiliate paid $18.8 million for the industrial and commercial center, the county files show.
However, it’s possible that Exeter Group isn’t going to wind up being the ultimate owner of the site, but might wind up shifting ownership to another buyer.
Based in Cheyenne, Wyoming, The Exeter Group of Companies lists among its primary lines of business the arrangement and completion of tax-friendly 1031 property exchanges.
Major e-commerce and logistics companies such as Amazon have expanded their operations and real estate requirements dramatically even while the coronavirus rages on — or, arguably, because of the deadly bug’s spread.
As a result, industrial and commercial properties whose occupants aren’t office tenants, restaurants, or hotels have become steadily more popular among investors.