Montague Crossing Trades Hands for $94.65 Million

CBRE arranged an off-market 1031-exchange for Montague Crossing. The property was purchased for $94.65 million by JJ&W from Four Corners Properties and Rockwood Capital.

Scott Prosser, Joe Moriarty and Jack DePuy of CBRE’s Capital Markets team in Silicon Valley represented the buyer, JJ&W.

“Navigating today’s market headwinds can be challenging but assets like Montague Crossing that are centrally located, renovated and fully leased are well-positioned for long-term growth. We’re pleased to represent the buyer and deliver an attractive core asset for our clients,” said Scott Prosser, Executive Vice President of CBRE.

Montague Crossing is comprised of three office and R&D buildings, totaling approximately 209,425 square feet on a 12.39-acre campus site, located at 2520 and 2540-2560 Junction Avenue and 541-555 East Trimble Road in San Jose. The property is 100 percent leased to three R&D tenants in the semiconductor and advanced manufacturing sectors.

“Adding a blue-chip asset like Montague Crossing to our existing portfolio is an exciting milestone for JJ&W and reaffirms our commitment to continued investment and growth in the South Bay,” said Bob Raybuck, CFO of JJ&W.

Located in San Jose’s R&D hub, Montague Crossing is at the intersections of State Route 237, Highway 101, and Interstate 880. The R&D sector in Silicon Valley recorded 1.8 million sq. ft. in leasing activity. Quality buildings containing lab space continue to garner interest as average asking rates are at $2.91 per sq. ft. on a monthly, NNN basis, according to CBRE.