Time is running out to own a piece of auto paradise at Club Auto Sport in San Jose, with only a few condos left to purchase. We've got details on why car aficionados all across the country are looking to nab a spot.
Transwestern VP Anna Mcquillan Rose tells us the last pieces of the property have hit the market, and interest has been strong. She's got quite the history with the project (more on that later), but was just rehired by a number of the original owners to sell out the remaining condos, as owner user or leased investment space ranging from 800 SF to 7k SF of space. Occupants can drive into the project and into their individual spaces inside through 10x12 roll-up doors. "Toy Box" garages, aka man (or woman) caves, are decked out with exotic cars. Or they're owned by auto-centric businesses that cater to these private owners.
Anna had the tricky task of leasing out the innovative project, a collection of private garages under the same roof with a massive 10k SF clubhouse, which was completed during the depths of the recession in 2008. After reaching 95% occupancy in late 2013, her contract ended. When the market went under, the team didn't drop pricing (that's why they went the leasing route). "We weren't going to garage sale it out," Anna says (pun intended). The average sales price is $285/SF, so it's definitely meant for the discerning buyer.
The clubhouse is thriving and hosts weddings and corporate events, and some of the 84 condos are used for office space (an exec suite, above). One owner has even combined 12 condos into one office as a corporate headquarters. Anna says she's getting inquiries from all over the nation from people who travel to Silicon Valley for business or pleasure and love the idea of having their auto collection on hand to enjoy while here. She's the new BOMA president for Silicon Valley this year and is the first non-property manager to hold the post.
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