SAN JOSE, Calif.--(BUSINESS WIRE)--SKS Partners, LLC and San Francisco-based real estate investor ProspectHill Group today announced the acquisition of 3901 North First Street, a 65,000 square foot vacant commercial building in North San Jose. The partnership plans an extensive redevelopment to reposition the single story building into a highly attractive space for office and R&D uses.
“We were drawn to this opportunity by the asset’s prominent location, robust power supply, high ceiling heights of the existing building, and the opportunity to create a dynamic new office environment in one of the region’s most desirable submarkets,” said Gambhir Kaushek, Partner of San Francisco-based ProspectHill Group.
3901 North First Street is located in the North San Jose market with easy access to the 237 Freeway and within walking distance of both major VTA Light Rail line stops. The @First Retail Center, located one block away, is anchored by Target and features a wide range of dining and service amenities as well as Hyatt and Marriott flagged hotels.
“SKS-PHG is excited to transform the Property into a contemporary office/R&D building with a new glass lobby, SOMA-style interior improvements with exposed wood beams, ceilings and polished concrete floors. Other significant site improvements will include a vibrant outdoor courtyard accessible through glass roll up doors, new landscaping and several EV charging stations,” said Dan Kingsley, Managing Partner SKS.
Last year, SKS and PHG joint ventured with ASB Real Estate Investments to acquire The McClintock Building, a 103,000 s.f. Art Deco office-warehouse building in the Showplace Square/Potrero Hill neighborhood of San Francisco.
Founded in 1992 and headquartered in San Francisco, SKS is an investor, developer and advisor of commercial real estate properties in the western United States. The firm has acquired, entitled, developed and operated over 5 million square feet of office, mixed-use, medical office, life science and multifamily projects. The firm’s excellent reputation and investment track record culminate from its strong operating capability, extensive network of relationships and its consistent ability to identify emerging demographic and market trends in advance of other market participants. For more information about the company, visit www.sksre.com.
ProspectHill Group is a private real estate investment company that invests alongside experienced operators, and is actively involved in all aspects of the acquisition and asset management of its investments. The principals of ProspectHill have significant experience, having acquired approximately 18 million square feet of office, multifamily and lodging assets valued at $3.2 billion in nearly 50 transactions in the Bay Area. For more information about the company, visit www.prospecthillgroup.com.