Chunks of big San Jose office park are bought by Bay Area real estate firm

SAN JOSE — Chunks of a big office and research park in San Jose have been bought by a veteran local real estate firm, a sign that investors still hunger for certain types of commercial properties despite a murky economy.

Three buildings that are part of Oakland Road Business Park have been purchased for $37.2 million, according to documents filed on July 14 with the Santa Clara County Recorder’s Office.

Peninsula Land & Capital, acting through an affiliate, bought the trio of properties within the four-building business park, the county documents show.

Together, the purchased buildings total about 129,800 square feet, according to information posted on the CompStak website. The overall business park totals 177,000 square feet, a marketing brochure shows.

The business park appears to have relatively minor vacancy levels, property flyers show. The relatively high occupancy levels were poised to entice a buyer such as Peninsula Land.

Palo Alto-based Peninsula Land & Capital owns numerous properties in the Bay Area, primarily in Santa Clara County and the East Bay, a check of the company’s website shows.

Yet the company also is an active player and isn’t simply sitting on its property portfolio, as its purchases in recent years show.

— In 2021, Peninsula Land paid $142 million for a portfolio of research and office buildings in San Jose, Fremont and Milpitas.

— Also in 2021, the company paid $63.5 million for two tech buildings on Optical Court in South San Jose.

— In March 2022, Peninsula Land paid $23.5 million for an office and research building at 5883 Rue Ferrari in South San Jose.

— In April 2022, the real estate firm paid $23 million for a research and office building at 2950 Zanker Road in North San Jose.