A health care provider has paid $20 million for a 44,900-square-foot building in San Jose’s Little Saigon.
An affiliate of San Francisco-based North East Medical Services bought a stand-alone structure known as Building G in the Vietnam Town shopping center at 939 Story Rd., the Silicon Valley Business Journal reported. The seller was an affiliate of American Pacific International Capital, also based in San Francisco.
The $20-million deal came out to $445 per square foot.
The building, at the northwest end of the nearly 20-acre center near Downtown, is subdivided into eight units, including an anchor space of 36,000 square feet and seven units from from 1,200 to 1,395 square feet.
The transaction is only the latest by APIC involving the Vietnam Town center, which it has been selling off in bits and pieces.
The nonprofit North East Medical Services, founded in 1968, specializes in providing healthcare to Asian residents in the Bay Area, especially low-income and uninsured patients.
The agency operates 13 clinics, including 11 in San Francisco, one in Daly City and the other in northeast San Jose, according to its website. It’s unclear if the award-winning nonprofit plans to open another clinic in the Vietnam Town building.
American Pacific International Capital has sold off individual spaces within the nearly 300,000-square-foot Vietnam Town complex over the years. They generally number condominium units within shopping center structures, rather than entire buildings. In April, it sold a 649-square-foot unit for $560,000.
[Silicon Valley Business Journal] – Dana Bartholomew
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