Deal Closing Announcement: Medical Office Building in San Jose Sold for $9,500,000
Updated: Jan 2
My last deal closing in 2019 recorded on exactly December 31st, just in time to properly close out the decade. I represented the Wool and Brunst families on the sale of a 25k square foot medical office building located at 614 Tully Road in San Jose. The property sold for $9,500,000 ($370 per sq. ft.) and was the third asset in the portfolio that I was hired to market and sell. The property is leased to the County of Santa Clara on a month-to-month basis but the Buyer plans to ultimately re-develop the property into a new Class "A" medical facility. My client, the Wool family, has deep roots in Silicon Valley having founded a highly successful fruit canning business. From 1903-1989, the F. G. Wool Packing Company's processing facility was located on Quinn Avenue and Senter Road, making it the longest running family-run fruit canning operation in the United States. The stories that I'd hear from them about the area, the property itself, and the people involved in some of the early Silicon Valley real estate deals were great to hear about and really put into perspective how much the valley has transformed over the last 50 years. The property was actually originally built by Barry Swenson, a local real estate developer and a close family friend of the Wool's. They truly are some of most humble people you'll ever meet. I appreciate the opportunity that they afforded me by allowing me to represent them on this sale and I am grateful to have built such a strong relationship with them throughout the entire sale process. This was a fun and rewarding assignment to work on and I'm excited to see what's ahead in 2020!