Rincon Center, a two-building, 156,094-square-foot, Class A office/R&D campus in North San Jose closed earlier in December for just over $39 million, or $251 per square foot, according to public documents filed with the city of San Jose. The sale achieved a high 6 percent cap rate, according to Steven Golubchik, senior managing director and co-head of HFF’s San Francisco office, who represented the seller on the transaction.
In 2010, during the dark days of the market meltdown, Manouch Moshayedi, a Newport Beach real estate investor, bought the Shoppes at Chino Hills, a 380,000 square foot shopping center and office complex, for less than half its construction cost. Five years later, he sold it for $52 million more than he had paid.
The shuttered two-story Superior Automotive shop on the Mission District's 16th Street retail corridor doesn't look like much, but it's likely the most expensive development site ever sold in San Francisco.