"The building is owned by a fund controlled by Ares Real Estate. JLL, a commercial real estate firm, represented Therma LLC in its deal to lease the building. The lease-up with immediate commencement of the recently delivered San Jose Logistics Center underscores the demand for modern logistics and manufacturing space in today's market, said Matteoni, a CBRE executive vice president."
"Therma, which is based in San Jose, designs, produces, installs, and provides heating and air conditioning services for large commercial and industrial buildings and properties. Tech campuses and data centers are among the sites it serves. With limited new supply, occupiers such as Therma are moving quickly on newer product that is well-located, with ample power today, and access to additional power, Matteoni said."
"The deal arrives at a time when industrial leasing activity appears to be on the rise in the South Bay, according to a report by CBRE. In the July-through-September third quarter of 2025, the industrial vacancy rate was 4.1%, an improvement from a 4.7% rate for these types of buildings in the April-June second quarter of 2025, CBRE reported."
Therma LLC leased the entire San Jose Logistics Center at 650 North King Rd., a 212,700-square-foot industrial building. A fund controlled by Ares Real Estate owns the building. CBRE brokers Chip Sutherland and Brian Matteoni represented the owner, and JLL represented Therma in the lease. Therma designs, produces, installs, and provides heating and air conditioning services for large commercial and industrial properties, including tech campuses and data centers. Matteoni noted occupiers are moving quickly on newer, well-located product with ample power and access to additional power. CBRE reported South Bay industrial vacancy fell to 4.1% in Q3 2025 from 4.7% in Q2 2025.
Read at www.mercurynews.com
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