San Jose site with potential for redevelopment attracts big real estate buyer
SAN JOSE – A large real estate company with holdings across the country has purchased a former industrial building in San Jose that occupies a site that could be redeveloped.
The purchase by TA Realty, which used an affiliate to purchase a building and land at 2205 Fortune Drive in San Jose, indicates an increase in commercial property values in this section of the South Bay.
TA Realty paid $8 million for the property, according to documents filed June 1 with the Santa Clara County Recorder’s Office.
TA Realty, a Boston-based development and investment firm, acquired the building in an all-cash deal, according to county real estate records.
The newly purchased building, built in 1979, totals 31,400 square feet, says a post on the property’s Commercial Cafe site.
However, the real value of the property could lie in the land under the decades-old building.
The building occupies a 2 acre site. This means that it may be possible to replace the existing structure with a modern office building totaling approximately 62,000 square feet, using typical development density guidelines.
TA Realty has been active in the commercial real estate markets in Santa Clara County for the past few years.
In 2020, the real estate company paid $26.6 million for a new industrial building at 2144 Oakland Road in North San Jose, fully leased to a Santa Clara County government agency.
In 2021, TA Realty paid $77.1 million for a 5.4-acre parcel at the corner of East El Camino Real and South San Antonio Road in Mountain View, a property that is part of a residential use center. mixed.
TA Realty owns or manages real estate assets totaling $13.5 billion in three different investment categories, according to an article posted on the company’s website.