SoCal Company Snatches Up Bay Area Business Parks
SAN JOSE (KCBS) – In what is likely the biggest real estate deal of the year, a Southern California company is buying up a whopping 18 business parks in Silicon Valley and the East Bay.
The price of the total package is $520 million, believed to be the biggest property purchase so far this year in the Bay Area.
The parks are occupied by a variety of businesses, including Valley Tech in the Charcot Business Park in north San Jose.
KCBS’ Matt Bigler Reports:
”To us it doesn’t really matter who owns it because we’re still going to rent it from that individual or company anyway, so it makes no difference to us,” said Valley Tech owner Ten Phan.
The buyer, P.S. Business Parks of Glendale said that it wants to buy parks in markets that are “poised for continued recovery.” The company plans to lease the properties and possibly raise rents within the next few years.
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