San Jose business park becomes part of $1.8 billion real estate deal
SAN JOSE — A San Jose business park has been added to a $1.8 billion real estate deal being orchestrated by an investment alliance that is collecting properties in four states, including California.
Charcot Business Park in north San Jose has been bought for $38 million by a venture consisting of BKM Capital Partners and Kayne Anderson Real Estate, documents filed on June 9 with the Santa Clara County Recorder’s Office show.
The office and business hub has addresses at 720 through 742 Charcot Ave. and 2023 through 2035 O’Toole Ave., according to public documents.
The seller was an affiliate of investment titan Blackstone and the real estate firm it bought in 2022, PS Business Parks, state and county public documents show.
The eight-building business park totals 119,000 square feet, according to commercial property databases.
This acquisition arrives on the heels of the purchase of three East Bay buildings for a combined $63 million that the BKM Capital and Kanye Anderson alliance completed on June 8.
BKM Capital and Kanye Anderson paid $39 million to affiliates of PS Business Parks for two Fremont buildings at 48000 Fremont Blvd. and $24 million for a Hayward building at 26269 Research Rd., county real estate records show.
In addition to Bay Area properties, Kanye Anderson and BKM Capital bought buildings in Los Angeles County, Orange County, San Bernardino County, Riverside County, Texas, Georgia, and Washington state, the companies said.
BKM and Kanye Anderson purchased an overall portfolio that totals 8.5 million square feet.
“This acquisition marks the largest addition to BKM's platform to date,” said Brian Malliet, BKM’s chief executive officer. “Institutional interest in the light industrial segment is rapidly accelerating.”
Real estate investors have been willing to pay robust prices for East Bay industrial, logistics, and commercial hubs in recent months, a review of public documents shows.
Tech companies have also scouted for East Bay industrial buildings, including artificial intelligence upstart OpenAI, which leased a Richmond building near one of that city’s waterfronts.
Rising property values for logistics and industrial buildings contrast with the delinquent loans and foreclosures that have swamped the Bay Area’s office, hotel and apartment markets.
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