Necessity Retail REIT Inc. Acquires Retail Property In San Jose For $175M
1 Curtner Avenue, San Jose, California 95125, United States
$175,000,000
$343/SF
Building Size
509,000 SF
Asset Type
Retail
Closing
May 30, 2022
AI
On May 31, 2022, a retail property located at 1 Curtner Avenue in San Jose was sold for a record-breaking price of $175,000,000. The property, spanning over 509,000 square feet, was acquired by Necessity Retail REIT Inc., represented by Michael Weil.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $175,000,000
- Address: 1 Curtner Avenue, San Jose
- Market: San Jose
- Buyer: Necessity Retail REIT Inc. - Michael Weil
- Square Footage: 509,000
- Price per Square Foot: $343
Necessity Retail REIT Inc., led by Michael Weil as their representative, successfully sealed the deal for this prominent retail property in San Jose. This transaction marks a significant milestone in the real estate market, showcasing the strong demand and value for retail assets in the area.
San Jose Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93