Dollinger Snaps up 2 South Bay Office Buildings for $14M

Dollinger Properties has picked up two office buildings in north San Jose and Sunnyvale in separate deals for a combined $14.2 million.

An affiliate of the Redwood City-based family firm bought a building at 1452 North Fourth Street in San Jose and a building at 420-428 Oakmead Parkway in Sunnyvale, the San Jose Mercury News reported.

Teamsters Local 853 sold the 12,400-square-foot office building on 1.3 acres in San Jose for $5 million, or $403 per square foot.

Molecular Medicine Research Institute sold the 31,100-square-foot office and research building on 1.1 acres in Sunnyvale for $9.2 million, or $296 per square foot.

The San Jose building was bought for far more than its assessed value of $435,000 as of January 2024. However, Teamsters Local 853 has been a long-time owner of the building.

The deal could lead to a sharply higher reassessment of the property’s value, according to the Mercury News.

The Sunnyvale building was bought for 13.2 percent less than its last traded price in 2019 for $10.6 million, or $340 per square foot. Dollinger could seek a reduction in the property’s assessed value.

Dollinger Properties, founded by Mel Dollinger in 1946, initially built homes. The family firm, three generations later, owns 90 multifamily, industrial and retail properties across California, with a combined 7 million square feet, according to its website.

In May, Dollinger picked up a three-building office campus that once served as a regional hub for Men’s Wearhouse in Fremont for $23.4 million, or $200 per square foot.

In February last year, Dollinger was poised to sell a 146,000-square-foot office building in the Southern California city of Brea for $27 million, or $185 per square foot, 20 percent less than it paid for it five years earlier.

— Dana Bartholomew