SAN JOSE — A big chunk of San Jose land that’s in a new development hot spot has been bought by a veteran developer with a nationwide reach.
Rockpoint Group, acting through an affiliate, has bought 10.2 acres of land at 865 Embedded Way in South San Jose, according to documents filed on March 31 with the Santa Clara County Recorder’s Office.
The land was purchased for $15.7 million, the county property records show.
Rockpoint Group acquired the land, which is near two freeway interchanges connecting to U.S, Highway 101, through an all-cash deal.
Developers have been buying large chunks of land in south San Jose in recent years. Duke Realty, one of the nation’s biggest developers, is among the active buyers.
The interest by developers and investors in this part of San Jose might be driving prices higher in the area.
In the case of the Rockpoint purchase, the seller, a real estate partnership based in Southern California, bought the land in 2019 for $4 million, county documents show.
A wide range of uses could be built on the empty land, according to information for the site that was posted with the LoopNet commercial property listing service.
Tech, research, industrial, warehouse and other commercial activities could be built on the site, the LoopNet listing stated.
Boston-based Rockpoint Group is a private equity real estate investment and development firm that’s active in major property markets throughout the United States.
Source: www.mercurynews.com