Lift Partners picked up an industrial property in San Jose as it looks to bring in tenants.
The San Francisco-based real estate investment firm bought the site at 1885 Las Plumas Avenue for $18.4 million, the Silicon Valley Business Journal reported. Freeland Las Plumas was the seller.
The property consists of an 80,700-square-foot warehouse on 5.8 acres less than a mile from the Berryessa BART station. Organic frozen and canned food producer Amy’s Kitchen was once a tenant but shut down its operations there in 2022, laying off nearly 300 employees in the process. The building is currently vacant.
Lift Partners is planning to execute capital improvements on the property to reposition it and prepare for a new tenant. The warehouse has nine loading docks, 25-foot clear heights and 3,400 amps of power capacity.
The acquisition adds to Lift Partners’ industrial holdings in the San Jose area.
Earlier this summer, the firm bought a three-building property at 651 Martin Avenue in Santa Clara for about $25.8 million. The 7-acre site, located just outside San Jose’s city limits, consists of a 29,600-square-foot warehouse, a 44,000-square-foot warehouse and a nearly 4,400-square-foot service center. Late last year, Lift Partners acquired a 120,000-square-foot industrial building at 100 Utah Avenue in South San Francisco in a $31.8 million sale-leaseback deal with Goodwill San Francisco Bay.
Silicon Valley has increasingly attracted industrial investment. In June, Clarion Partners bought a 267,100-square-foot industrial building in Fremont leased by Tesla for $132.3 million. In March, Redco Development acquired a vacant 13-acre former UPS facility at 1245 Hammerwood Avenue in Sunnyvale for $42 million with plans to redevelop it into a 265,000-square-foot industrial building. And at the beginning of this year, Morgan Stanley Investment Management bought a two-building, 290,000-square-foot manufacturing property in Fremont from Angelo Gordon for $110.3 million.
— Chris Malone Méndez
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