SAN JOSE — A superior-profile true estate logistics business has purchased a huge chunk of land in north San Jose that could wind up as a preference web-site for foreseeable future growth as an industrial middle.
Prologis, acting via an affiliate, has purchased a massive web-site at a preference location a brief length from the hectic interchange of U.S. Highway 101 and Interstate 880 in San Jose.
The affiliate of logistics true estate business Prologis, Trade 1336 Outdated Bayshore Highway, purchased about seven acres of land in north San Jose, paperwork filed on Jan. 22 with Santa Clara County officers display.
The property is made up of three parcels and has addresses of 1336, 1390, and 1420 Outdated Bayshore Highway in San Jose, according to the county documents.
The just-purchased property is found in a part of San Jose that’s dotted with a hodgepodge of long-time industrial and industrial functions.
Prologis paid $22.eight million for the property, according to the public paperwork. The public documents display that the affiliates are right related to the Denver offices of Prologis.
Due to the fact the advent of the coronavirus curbed the hunger for growth of business office buildings, retail facilities, and inns in the Bay Spot, a increasing number of true estate consumers have started to scout for possibilities to buy.
More and more, these investment decision attempts are getting centered on internet sites that are either all set-created to lease to a huge industrial user or that could be developed as an industrial complex.
San Francisco-dependent Prologis all through 2020 made $1.47 billion in revenue and produced $4.44 billion in income. The full-calendar year outcomes also bundled $three.79 billion in income from rents.
In December 2020, Prologis owned, co-owned, or was acquiring 984 million square toes in 19 international locations, such as the United States.