Dealmaker: Machine Investment Group Acquires San Jose R&D Building for $33M
Machine Investment Group, New York, acquired 1010 Rincon Circle in Silicon Valley’s North San Jose submarket for $32.6 million.
Machine partnered with Baudpont Capital, New York, to purchase the property from a private owner in an off-market transaction. Chris Formichella, Loan Officer with Terrydale Capital, Dallas, advised on the transaction.
1010 Rincon Circle is a 90,870-square-foot Class A R&D flex office building fully occupied by Quanta Cloud Technology. The property is two miles from the recently opened Milpitas BART Station, 3.5 miles from San Jose International Airport and a five-minute walk to public transportation.
Machine also purchased two industrial properties in partnership with LRC Properties, Rye Brook, N.Y. Their venture acquired 600 Whittaker Road in Jacksonville, Fla. for $29.6 million and 2 Dell Parkway in Nashville for $36.23 million.
As part of the value-add business plans for the new properties, Machine and LRC announced a capital improvement and repositioning plan including value enhancements to 600 Whittaker Road and a renovation for 2 Dell Parkway.
“This was a unique opportunity to add two opportunistic industrial assets to our portfolio, both located within leading national distribution hub markets,” said Eric Rosenthal, Machine Managing Partner. He noted the strength of the industrial sector throughout the Southeast, “with demand far outpacing supply for large, modernized warehouse and distribution space.”