Almaden Center II
Almaden Center II is a 65,400-square foot office property in San Jose, California. The single building property was purchased as part of a 1031 exchange from the Kato Road sale in Fremont. At purchase, the property boasted a stable 8% cap rate and 92% occupancy with below-market rents.
EXECUTION
Through a capital improvements program, re-branding and new marketing effort, Marwood was able to re-tenant the building and raise the below market rents. With conservative 65% leverage, the property is considered an excellent long-term hold. Ownership is experiencing +90% vacancy with cash on cash yields in the mid-teens.
ADDRESS
3150 Almaden Expressway, San Jose, CA
PROJECT SIZE
65,400 Square Feet
PROPERTY TYPE
Core Office
ACQUIRED
June 2015
STATUS
Hold