Updated Oct 29, 2024
Global Net Lease Inc. Sells San Jose Office Property For $50M
211 River Oaks Pkwy San Jose, CA 95134, USA
$50,000,000
$303/SF
Building Size
164,608 SF
Asset Type
Office
Closing
Jul 12, 2023
About this deal
AI
Global Net Lease Inc. has sold an office property located at 211 River Oaks Parkway in San Jose for a total of $50 million. The property spans 164,608 square feet, resulting in a price per square foot of $304. The sale is expected to see the property transformed into a 737-unit multifamily property by Valley Oak Partners.
Summary of transaction details
- Property Type: Office
- Sale Price: $50,000,000
- Square Footage: 164,608 SF
- Price Per Square Foot: $304
- Market: San Jose
- Seller: Global Net Lease Inc. - James L. Nelson
This transaction was handled by James L. Nelson from Global Net Lease Inc. as the seller's representative. Valley Oak Partners is set to convert the office property into a multifamily residence, consisting of 737 units.
On the Map
$50,000,000
$303/SF
Office
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93