|MNM Partners LLC, Group Sponsors Of Real Estate|
MNM Partners, LLC has closed the MNM Business Center LLC group. This offering consisted of a 10 story, 81K square foot, a fully occupied office building with an attached parking garage in San Jose, CA. It is located in the heart of downtown on Santa Clara Street where numerous new development projects are currently planned. These projects includes the BART Extension to Diridon Station, Googles New Campus addition and several multiuse and apartment complexes are currently planned.
GOOGLE EFFECT – In plans that underscore the potential Google effect on downtown San Jose, developers are pushing ahead with a residential and retail complex virtually next door to where Google wants to build a village of office towers for its employees. A plan to build a seven-story complex with 249 housing units near the corner of Julian and Stockton streets in downtown San Jose is moving forward.
Ample ground-floor retail, a publicly accessible plaza on the corner, high-density residential and dramatic architecture” are among the features of the proposed development. The project is located near Diridon Station, a transit hub that today is a nexus of light rail, bus lines, Amtrak, Caltrain and ACE Train connections. In the next few years, BART and high-speed rail lines also are expected to connect to the station. All this transportation potential has heightened interest in developing properties near Diridon Station.
A short distance from the Julian and Stockton streets development site, Google is fashioning plans for a to 20,000 of the company’s employees could work. That has led to what some observers call “The Google Effect”.
BART COMING TO SAN JOSE – A $4.7-billion final leg is proposed to downtown San Jose, first to the proposed Alum Rock station on the city’s “east side,” connected by a tunnel under Santa Clara Street to a proposed Downtown San Jose Station, which would be an interchange station to VTA lines. Like the Berryessa Extension, it would be built by VTA, but operated by BART. The original proposal had separate Civic Plaza/SJSU and Plaza de César Chávez stations, but these were consolidated into a single station to cut cost. The line would continue to the San Jose Diridon station underneath the main downtown street of Santa Clara Street (transfer point to Amtrak, Caltrain, Altamont Corridor Express and the planned California High-Speed Rail system), and the proposed BART subway station would be called “Diridon/Arena” (SAP Center). It would either terminate there, allowing for a future extension to the proposed Santa Clara Caltrain Station or go all the way to that station in the same phase of construction Project details have been finalized and is expected to be completed by 2026.
The MNM Business Center was an off-market transaction that was obtained by MNM Partners through our contact network. It is beyond argument that this area of Downtown San Jose will be one of the best appreciating area in Santa Clara County for the foreseeable future. As Google, Adobe and other technology companies continue to expand their footprint in Downtown San Jose, the redevelopment and continued improvement of this area will positively impact real estate values in this sector.