Project Description

Almaden Center II is a 65,400-square foot office property in San Jose, California. The single building property was purchased as party of a 1031 exchange from Kato Road in Fremont. At purchase, the property boaster a stable 8% cap rate and 92% occupancy. Through a re-branding and new marketing effort, the management believes the below market rents can be raised and simple renovations like a new lobby will allow for an increase in rents. With conservative 65% leverage, the property is considered an excellent long term hold.

Type: Office

Project Size: 65,400 square feet

Purchased: July 2015