San Jose prime redevelopment web-site close to city’s downtown is purchased
SAN JOSE — A veteran true estate corporation has acquired a internet site near downtown San Jose that is deemed to be a prime locale for redevelopment as a modern industrial or commercial middle.
Valley Oak Partners, acting by way of an affiliate, paid $22.3 million for 5 parcels close to the corner of South Third Street and Keyes Road, according to files filed on Dec. 17 with the Santa Clara County Recorder’s Workplace.
The recently procured web-sites consist of parcels with addresses of 1102 S. 3rd St. and 190 Keyes St., the county documents display.
The sellers were family trusts headed up by Louis Ryan and Josy Ryan, who as of mid-2021 were residents of Los Altos Hills, according to county records.
Valley Oak Partners has been active purchasing homes lately.
In November, the genuine estate firm compensated a blended $15.8 million for many parcels in the South Bay that it obtained from San Jose H2o, a unit of SJW Group.
San Jose-based Valley Oak Partners paid cash for the houses, the home deeds demonstrate. Here’s what the growth business compensated for every single of the parcels that experienced been owned by the h2o firm:
— San Jose. A 3.5-acre website near the corner of Montague Expressway and Pecten Court. The rate was $6 million.
— Milpitas. A .1-acre site in close proximity to the corner of Montague Expressway and Pecten Court. The rate was $1.1 million.
— Campbell. A 2.2-acre web site at 320 Virginia Ave. was bought for $5.65 million.
— San Jose. A 1.1-acre web-site in close proximity to the interchange of Lawrence Expressway and Doyle Street was acquired for $2.6 million.
Valley Oak was also a key mover driving a a long time-extended land assembly in downtown San Jose near the Diridon coach station of various parcels that sooner or later were being acquired by Boston Properties and Canada Pension Strategy Financial commitment Board.
Boston Attributes intends to begin design as shortly as this year on a tech mega campus termed System 16 at the internet site near Julian Road and Autumn Parkway that when finish would full 1.1 million sq. toes.
In the most new deal, the San Jose website at the corner of South Third Avenue and Keyes Road that Valley Oak bought is deemed by home specialists to be suitable for an array of works by using.
Amazon’s curiosity in this portion of San Jose underscores the potential of the websites purchased by Valley Oak Associates.
In 2020, fewer than a mile absent from the Valley Oak-acquired assets, Amazon.com Providers, a shipping and commerce unit of the substantial-tech behemoth, purchased a web page the place a enormous industrial center has been proposed.
The Amazon device paid out $59.3 million for a 17.8-acre website at 1605 S. Seventh St., files submitted with the county demonstrate.
The Valley Oaks-ordered site at Third and Keyes streets totals 6.3 acres, according to evaluation and organizing information.
Property authorities believe the websites that Valley Oaks bought previous month in San Jose could be suited for several makes use of since of its sizing and place.
“The brick creating at Third and Keyes Avenue is a good framework,” reported Bob Staedler, principal executive with Silicon Valley Synergy, a land-use consultancy.
The construction has both equally brief-expression and long-term value, Staedler opined.
“This is a excellent speedy reuse chance with a lengthy-expression redevelopment possible,” Staedler explained.
Structures devoted to industrial, logistics, or business functions could be designed on the 1102 S. 3rd St. residence.
“The (San Jose) redevelopment company at the time researched this site as an arts incubator room,” Staedler said.