Westcore sells San Jose building

Rising rents a key factor in disposition

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Westcore Properties has sold a three-story office building in San Jose, Calif., for $13.5 million. The property, located at 97 East Brokaw Road, is comprised of 56,000 square feet of space on a 2.9-acre lot. The asset features an outdoor patio, ample parking and recently upgraded interior finishes. Read Investments purchased the property from Westcore entities Westcore Milford LLC, Broadway Center Associates and Westcore Thompson II LLC. At the time of sale, the property was 90 percent occupied, with major tenants including Alfa Tech, N.A.R. Khan and Bay Area Credit Services. "Westcore chose to sell the property after rents increased by more than 35 percent in the local submarket," Neil Johnson, director of acquisitions for Westcore Properties in Northern California, said in a statement. "Significant value was added by renewing several tenants and rolling their rents to market levels." ...