The buildings are located at 5901 and 5981 Optical Court in San Jose and were part of the portfolio that MWest purchased in an $800 million 2012 transaction from Mission West Properties. In March of 2016, Jabil Wolfe, a division of Jabil Circuit, Inc., which provides high-quality, comprehensive and integrated design, manufacturing and assembly solutions, signed a lease for 110,542 square feet at 5981 Optical Court, at the time doubling the size of its office at the time. According to Google Maps, Photon Dynamics, Stryker Endoscopy, and Ariosa Diagnostics are some of the other tenants in the property. Overall occupancy, according to sources, is around 75 percent.
MWest and Local did not immediately respond to request for comments.
CBRE’s capital markets team worked on the transaction. The group was led by Joseph Moriarty, Scott Prosser, Russell Ingrum and Jack DePuy.
Local Capital Group has a relationship with DivcoWest. One of its partners, Dan Poritzky, who most recently led LeEco’s initiative in Santa Clara to build a state-of-the-art corporate campus for the company on 49 acres of land it acquired from Yahoo, worked at MWest Properties. Local is a relatively small shop based in San Francisco. Its web site features two founding partners, John Bickford and Josh Corzine. Aside from Poritzky, the other partner in the enterprise is Ryan Braniff.
The company owns two other properties in the Bay Area. One is site in San Francisco located at 901 Tennessee, which it acquired in March of 2016. In April of 2014, Local also acquired 99 Rausch in San Francisco. Along with two sites in Portland, Oregon, the company owns The Umbrella Factory, in Williamsburg, New York. All of these properties are residential assets.