The buyer, Roberts Fremont, LP, intends to construct brand new townhomes on the site. Located at 41354 Roberts Avenue, the property’s current R-3-18 zoning generally permits up to 18 residential units per acre, subject to possible limitations. The property, however, remained unentitled at the time of sale.
Cushman & Wakefield’s San Jose sales team, comprising Miki Vierra, Tenny Tsai and Aaron Fritz, represented the seller, Redeemer Church of Silicon Valley, in the disposition. The team’s expertise in selling specialty use real estate, including developable land, schools, and church properties, combined with their strategically targeted marketing approach, generated 14 offers from a variety of highly qualified buyers. This high demand enabled the Church to successfully maximize the value of its primary asset within a short time frame, thereby avoiding the traditional long, uncertain, and contingent escrow.
Vierra said, “Competition among Silicon Valley developers for well-located, underdeveloped property with zoning that allows for residential development remains extremely strong. Due to this demand, coupled with our team’s specific focus on the Church’s timing objectives, we closed this unique transaction at an enviable price within 60 days of signing the purchase contract."
Redeemer Church of Silicon Valley intends to relocate its congregation within Silicon Valley later this year.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, follow @CushWake on Twitter.