SAN JOSE — A veteran true estate firm has purchased a web-site near downtown San Jose that is considered to be a prime area for redevelopment as a fashionable industrial or professional middle.
Valley Oak Companions, performing as a result of an affiliate, paid $22.3 million for 5 parcels near the corner of South Third Avenue and Keyes Avenue, in accordance to paperwork submitted on Dec. 17 with the Santa Clara County Recorder’s Office environment.
The just lately ordered web sites incorporate parcels with addresses of 1102 S. 3rd St. and 190 Keyes St., the county files display.
The sellers ended up loved ones trusts headed up by Louis Ryan and Josy Ryan, who as of mid-2021 were being citizens of Los Altos Hills, in accordance to county data.
Valley Oak Companions has been active acquiring qualities these days.
In November, the real estate business paid out a blended $15.8 million for several parcels in the South Bay that it procured from San Jose Water, a device of SJW Team.
San Jose-primarily based Valley Oak Companions paid out hard cash for the houses, the residence deeds show. Here’s what the advancement agency paid for every of the parcels that experienced been owned by the water business:
— San Jose. A 3.5-acre website close to the corner of Montague Expressway and Pecten Courtroom. The rate was $6 million.
— Milpitas. A .1-acre web page close to the corner of Montague Expressway and Pecten Courtroom. The cost was $1.1 million.
— Campbell. A 2.2-acre web page at 320 Virginia Ave. was bought for $5.65 million.
— San Jose. A 1.1-acre website near the interchange of Lawrence Expressway and Doyle Highway was purchased for $2.6 million.
Valley Oak was also a primary mover at the rear of a a long time-lengthy land assembly in downtown San Jose around the Diridon teach station of several parcels that at some point were purchased by Boston Homes and Canada Pension Plan Investment Board.
Boston Properties intends to begin construction as quickly as this year on a tech mega campus known as Platform 16 at the web page in close proximity to Julian Road and Autumn Parkway that when full would full 1.1 million sq. toes.
In the most new deal, the San Jose web-site at the corner of South 3rd Road and Keyes Avenue that Valley Oak acquired is deemed by house industry experts to be appropriate for an array of works by using.
Amazon’s curiosity in this portion of San Jose underscores the prospective of the web pages bought by Valley Oak Partners.
In 2020, fewer than a mile absent from the Valley Oak-acquired property, Amazon.com Expert services, a shipping and commerce unit of the significant-tech behemoth, bought a website where by a huge industrial center has been proposed.
The Amazon device compensated $59.3 million for a 17.8-acre web site at 1605 S. Seventh St., documents submitted with the county clearly show.
The Valley Oaks-ordered internet site at Third and Keyes streets totals 6.3 acres, in accordance to assessment and arranging documents.
Residence gurus consider the web-sites that Valley Oaks purchased past thirty day period in San Jose could be ideal for many uses mainly because of its dimensions and site.
“The brick developing at 3rd and Keyes Street is a stable composition,” stated Bob Staedler, principal govt with Silicon Valley Synergy, a land-use consultancy.
The framework has both small-expression and long-time period worth, Staedler opined.
“This is a terrific immediate reuse possibility with a extensive-term redevelopment probable,” Staedler reported.
Structures devoted to industrial, logistics, or professional operations could be created on the 1102 S. Third St. assets.
“The (San Jose) redevelopment company after studied this web page as an arts incubator area,” Staedler mentioned.