P
TEC Solutions has secured a prime location for its headquarters relocation from Fremont to Morgan Hill by purchasing a 76,000-square-foot office complex for $18.7 million. The electronics manufacturing firm bought the two buildings on 9 acres at 18095 Serene Drive, more than 20 miles south of San Jose. The deal translates to $246 per square foot and includes 3.8 acres of expansion land.

    The property was listed by Colliers and had been on the market for nearly a year before the sale closed. PTEC plans to relocate to Morgan Hill early next year, leaving its current hub at 48633 Warm Springs Boulevard in Fremont. The company's founder, Peter Pham, cited the need for more space as well as the appeal of no longer dealing with rent increases.

    Pham also highlighted the lower minimum wage in Morgan Hill as a motivating factor behind the decision to relocate. With a minimum wage of $16 per hour, compared to Fremont's $17.30, PTEC hopes to add workers at its new location.