Amazon to Sell Bay Area Complex Amid Cooling Sales Growth (1)

Amazon.com Inc. is selling a vacant Bay Area office complex purchased about 16 months ago, the company’s latest effort to unwind a pandemic-era expansion that left it with a surfeit of warehouses and employees.

Amazon in October 2021 paid $123 million for the 29-acre property in Milpitas, California, part of a strategy to lock up real estate near big cities that could be used for new warehouses and facilitate future growth. Dermody Properties LLC, a commercial real estate developer based in Reno, Nevada, is buying the property and will convert it into warehouse space, said George Condon, a partner ...