![The Sobrato Organization's Matthew Sonsini with 20572-20688 Homestead Road in Cupertino](https://static.therealdeal.com/wp-content/uploads/2023/06/Sobrato-Organization-Sells-Strip-Mall-in-Cupertino-for-93M_FT-Thumbnail.jpg)
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The Sobrato Organization sells data center in San Jose for $86M
Atlanta-based Invesco buys Equinix-occupied property for $834 psf
![Invesco Advisers' Scott Dennis and 1735 Lundy Avenue in San Jose](https://static.therealdeal.com/wp-content/uploads/2023/06/The-Sobrato-Organization-sells-103K-sf-data-center-in-San-Jose-for-86M_Main-1400x875.jpg)
The Sobrato Organization has sold a 103,400-square-foot data center in northeast San Jose for $86.25 million.
The Mountain View-based developer sold the single-story building at 1735 Lundy Avenue to Atlanta-based Invesco Advisors, the Silicon Valley Business Journal reported.
An Invesco affiliate paid $834 per square foot for the home of Equinix’s SV3 data center.
Affiliates of Sobrato had owned the 6.75-acre property since the mid-1980s, according to the Business Journal. The Mercury News reported Sobrato bought the property in 2010 for an undisclosed price.
Equinix purchased the data center from AboveNet Communications in 2004 for $900,000. It also assumed AboveNet’s lease that began in 2000 and ran through 2020, with extension options.
The building had an assessed value of $21 million in July 2022, according to the Mercury News, citing Santa Clara County Assessor’s records.
Data centers have become a popular commercial investment in an uncertain economy and at a time of rising Bay Area office vacancies in the era of remote work.
The Lundy Avenue deal came two weeks after Sobrato sold a Cupertino strip mall to MetLife Investment Management for $92.5 million.
Invesco has been an active investor in Silicon Valley real estate.In October, a joint venture with Invesco sold an office building it developed in Sunnyvale’s Peery Park district for $222 million. A year ago, it paid $119 million for a five-building industrial park in Morgan Hill.
— Dana Bartholomew
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