Dan Letter Of Prologis Acquires Development Site In San Jose For $14 Million
455 Piercy Road
$14,000,000
$1,000,000/SF
Building Size
14 SF
Asset Type
Development Site
Closing
Jul 2, 2026
AI
Prologis acquired a 14.2-acre development site located at 455 Piercy Road in San Jose, CA. The sale price was $14,000,000, with a total square footage of 142 and a price per square foot of $98,592.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $14,000,000
- Address: 455 Piercy Road
- Market: San Jose, CA
- Square Footage: 142
- Price per Square Foot: $98,592
- Buyer: Dan Letter - Prologis
Dan Letter represented Prologis in the acquisition of the site, which was previously proposed for light industrial development. The entitlements for a warehouse and office project, covering 121,580 square feet, are due to expire later this year.
Players
San Jose Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.13%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93