SAN JOSE — The acquisition by a busy actual property investor of an previous motel property in San Jose may result in new actions for the chunk of land that the positioning occupies.
A bunch of consumers headed up by Do Van Tron, a San Jose-based enterprise and actual property govt, has purchased a property at 2724 Monterey Street in San Jose, in line with paperwork filed on Sept. 1 with the Santa Clara County Recorder’s Workplace.
On Sept. 2, Tron accomplished the acquisition of the previous Sears retailer subsequent to Eastridge Heart shopping center in San Jose, disclosing that he intends to rework the previous division retailer into an indoor Vietnamese market.
Tron, appearing by his affiliated actual property funding agency, Intelli, paid $24.8 million for a website that features the previous Sears division retailer, Sears auto service heart and a big floor car parking zone, in line with county property paperwork.
Within the motel buy, Tron’s funding group paid $6.4 million for a 2.4-acre website close to the nook of Monterey Street and Umbarger Street, county information present. Tron additionally obtained a $3.2 million mortgage from Tri Counties Financial institution on the time of the acquisition.
The motel website deal in San Jose was organized by brokers David Taxin and Jeremy Awdish with Meacham/Oppenheimer, a business actual property agency.
“We're searching for any person who want to put in a brand new use on the property,” mentioned Taxin, a accomplice with Meacham/Oppenheimer.
An array of potential actions may substitute the motel. The property is massive sufficient at greater than two acres that a number of makes use of may function on the positioning.
“It might be quick meals, a veterinarian hospital, a fuel station,” Taxin mentioned. “It may even be industrial.”