SVN | Capital West Partners, one of the nation’s premier investment real estate brokerage firms, has closed on the sale of Cooley Commercial Building, a 42,363 SF office building located at 1922 The Alameda in San Jose, CA. Robin Santiago, CCIM of SVN | Capital West Partners represented the seller in this transaction.
Momentum for Mental Health, the largest private nonprofit provider of adult mental health services in Santa Clara County, acquired the Cooley Commercial Building for $16.55 million. This will be a long-term hold for Momentum, who plans to occupy the building over time. The property is located near a large, notable development project proposed by Google, which consists of office, retail, and up to 4,000 new housing units. The property is also situated near downtown San Jose, which has been the center of major new developments over the last few years.
Transaction sale volume for office properties in San Jose declined by 42% in 2020, a statistic that highlights the ongoing pandemic-induced challenges the industry faces. “The property was introduced to the market during one of the most challenging periods for office investment sale transactions in recent history,” said Santiago. “Despite the challenges, we received multiple offers and ultimately chose a qualified buyer that owned other assets nearby. They were the logical choice among the various groups that pursued the property. The buyer saw the long-term value of the site and acted quickly to put the building in contract. They were excellent to work with throughout the entire transaction.”
About SVN | Capital West Partners:
SVN | Capital West Partners is an independently owned and operated SVN® office located in San Jose, CA. Capital West Partners specializes in the brokerage of investment properties located in the Silicon Valley market and throughout the Bay Area region. The firm also provides leasing services for office, industrial, and retail properties on behalf of landlords and tenants. For more information regarding SVN | Capital West Partners, please go to: https://www.svncapwest.com/.
The SVN organization is a globally recognized commercial real estate entity united by a shared vision of creating value with clients, colleagues, and our communities. The SVN brand is comprised of over 1,600 advisors and staff in more than 200 offices across the globe in six countries. Our brand pillars represent the transparency, innovation, and inclusivity that enables all our advisors to collaborate with the entire real estate industry on behalf of our clients. SVN’s unique Shared Value Network® is just one of the many ways that SVN advisors create amazing value with our clients, colleagues, and communities. For more information, visit www.svn.com.
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