A subsidiary of Cole Office & Industrial REIT (CCIT II), Inc. has entered into an agreement with REIT Hines to acquire the 83,841 square foot single-tenant office building at 880 Ridder Park Drive in San Jose, CA for $24.0 million, exclusive of closing costs.
Constructed in 1997, the property is fully leased to the County of Santa Clara.
Cassidy Turley represented Hines in leasing the entire 83,841 square foot building to the County of Santa Clara in 2012. The brokerage firm said the County would be utilizing the two-story R&D/office building, part of the Ridder Park Tech Center in North San Jose, to house its Department of Child Support Services.
NAI Northern California, San Jose Office, assisted the County of Santa Clara’s Department of Child Support Services in the transaction. The lease was officially approved by the County Board of Supervisors on August 7, 2012.
The County of Santa Clara’s lease requires it to pay an annual base rent of $1,546,866, which increases every year by 2.5 percent. The lease runs through August 2023 and has two five-year renewal options.
Ridder Park Technology Center is a five building Office/R&D campus in North San Jose with signage visibility on Interstate 880. It provides access to Highway 680, Highway 101, and the San Jose International Airport. Restaurants and other retail amenities are located within walking distance to the campus, including the Brokaw North shopping center anchored by LA Fitness and featuring a JPMorgan Chase branch and eateries Five Guys Burgers & Fries, Chipotle and Subway.