One of the largest commercial buildings in Morgan Hill, occupied by Paramit Corporation, recently changed ownership in a nearly $30 million transaction.
San Mateo-based Nazareth Enterprises, Inc. announced that it purchased the 152,553-square-foot building at 18735 Madrone Parkway for $29.8 million. The purchase includes 10.44 acres of property on which the building, parking lots and associate facilities sit.
The seller of the property, an unidentified private equity firm, was represented by Stan Johnson Company, according to the press release.
Located in the San Jose-Sunnyvale-Santa Clara MSA in Santa Clara County, the property was developed in 2002 as a build-to-suit for Paramit Corporation, reads a press release from Nazareth Enterprises. Significant renovations were completed in 2014. The property features concrete construction, solar power, four dock doors and ample parking.
Paramit Corporation researches, designs, engineers and manufactures medical devices and life-saving science instruments. Their Morgan Hill facility is the international company’s headquarters for research and development operations.
Nazareth Enterprises is a privately held investment firm with real estate holdings and health care assets throughout northern California.
