SAN JOSE — An enormous chunk of San Jose land that’s in a brand new growth scorching spot has been purchased by a veteran developer with a nationwide attain.
Rockpoint Group, performing via an affiliate, has purchased 10.2 acres of land at 865 Embedded Method in South San Jose, based on paperwork filed on March 31 with the Santa Clara County Recorder’s Workplace.
The land was bought for $15.7 million, the county property data present.
Rockpoint Group acquired the land, which is close to two freeway interchanges connecting to U.S, Freeway 101, via an all-cash deal.
Builders have been shopping for massive chunks of land in south San Jose in recent times. Duke Realty, one of many nation’s largest builders, is among the many lively patrons.
The curiosity by builders and buyers on this a part of San Jose could be driving costs larger within the space.
Within the case of the Rockpoint buy, the vendor, an actual property partnership primarily based in Southern California, purchased the land in 2019 for $4 million, county paperwork present.
A variety of makes use of may very well be constructed on the empty land, based on info for the location that was posted with the LoopNet industrial property itemizing service.
Tech, analysis, industrial, warehouse and different industrial actions may very well be constructed on the location, the LoopNet itemizing acknowledged.
Boston-based Rockpoint Group is a non-public fairness actual property funding and growth agency that’s lively in main property markets all through the US.