SAN JOSE — The Sobrato Organization has sold a big data center building in Silicon Valley to a veteran real estate investment firm from Texas.
Invesco Real Estate, acting through an affiliate, bought the tech- and data-focused complex from a Sobrato unit for $86.3 million, according to documents filed on June 16 with the Santa Clara County Recorder’s Office.
The just-bought building is located at 1735 Lundy Avenue in San Jose and is next to a Costco store and a U.S. Postal Service complex.
Equinix, a major data center operator, uses the building to provide tech and data services to an array of companies.
“Equinix’s IBX Silicon Valley data center SV3 serves the largest concentration of high-tech companies and peering hubs in the world with access to important financial and enterprise ecosystems,” according to a post on the Equinix website.
The single-story building totals 103,400 square feet and occupies a 6.7-acre site, property documents show.
The just-sold building had an assessed value of $21 million in July 2022, according to records on file with the Santa Clara County Assessor’s Office.
The Sobrato firm bought the property in 2010 for an undisclosed price.
Data centers have become a popular commercial property asset at a time of an uncertain economy and numerous potholes for office buildings in the Bay Area.
Source: www.mercurynews.com