Global real estate investment firm Kennedy Wilson snapped up five single-story research and development buildings and a two-story office in south San Jose for $53.5 million.
The buildings comprise 257,000 square feet and are located across the street from the massive Valley Technology Center at San Ignacio Avenue and Via Del Oro, a short distance from Highway 85.
The newly-acquired property is already 100 percent occupied by 15 tenants, according to Kennedy Wilson. Two years ago, the company purchased the 474,000-square-foot Valley Technology Center for $81 million.
“We saw this as an opportunity to acquire a high-quality portfolio in one of our core markets with a top-tier tenant roster drawing from the highly educated local workforce,” Nick Colonna, president of commercial investments and fund management at Kennedy Wilson, said in an email response to San Jose Inside.
The company’s latest purchase was made within Kennedy Wilson Fund VI, a commingled portfolio that includes 13 multi-family, office, retail and other commercial assets in markets including the San Jose, Los Angeles, Salt Lake City, Denver and Seattle regions, with an aggregate purchase price of $1.1 billion.