Lift Partners has acquired 651 Martin Avenue, a 7.17-acre infill industrial development site in Santa Clara, Calif., for $25.75 million.
The site currently features three individual structures, including a 29,644-square-foot warehouse, a 44,162-square-foot warehouse and a 4,393-square-foot service center. The 312,325-square-foot parcel is zoned for Heavy Industrial, a designation that permits a wide range of uses including warehouse and distribution, data centers, manufacturing, and industrial outdoor storage facilities. The buyer is focused on the near-term lease-up of the site while pursuing entitlements for industrial development. At 45 percent floor area ratio, the property can accommodate up to 148,635 square feet of new development.
Located in the Santa Clara submarket, the property benefits from immediate access to Silicon Valley’s innovation ecosystem and affluent consumer base. Within a five-mile radius, the site reaches more than 608,000 residents across 22
