SAN JOSE — A downtown San Jose-region business office home that could be redeveloped as a housing undertaking has been bought by a South Bay serious estate group.
The team paid out $5.3 million for the web site, which is located at 380 N. 1st Street, according to documents positioned at the Santa Clara County Recorder’s Place of work.
The new proprietors of the property are scheduling to establish at least 100 models of housing on the site.
The web site is located in an opportunity zone, which are geographic places that present tax positive aspects to individuals who invest in attributes that are substantially redeveloped.
“I like the site, the neighborhood and the chance zone,” explained Mostafa Aghamiri, a Silicon Valley tech executive who is major the ownership and growth group for the web page.
The purchasing team acquired the property by an all-hard cash offer, the county paperwork demonstrate. The transaction was arranged via brokers Ty Ataei and Ralph Borelli, both of those veterans of South Bay serious estate.
“The proprietor is imagining of establishing 100 to 118 models at the web site,” claimed Ataei, a Campbell-based mostly Realty One particular Group Infinity broker who represented the customer. “It would be 7 tales.”
The property is up coming to a light rail line that is a couple of train stops absent from the Diridon Station region where Google plans to establish a mixed-use neighborhood.
“The residence is a great web page, it has frontage on three sides,” reported Borelli, chairman of San Jose-based mostly Borelli Expenditure Co., which represented the seller.
The web site totals .5 acres, according to files at the County Assessor’s Place of work.
“The 380 North 1st internet site is particularly demanding owing to its compact acreage and being slim,” explained Bob Staedler, principal govt with Silicon Valley Synergy, a land-use consultancy. “Iamesi Village that just opened is 135 models and on about an acre.” The Iamesi Village residential growth is at 201 Bassett St.
The just-purchased 380 N. To start with St. internet site has frontage on North Initially Avenue, Bassett Avenue and North Next Road, county community data display.
“The home is close to downtown San Jose, it’s in an possibility zone and Google is nearby,” Ataei explained.
Aghamiri’s tech experience features founding ITRenew, a Silicon Valley organization that gives software to wipe data and also can help customers to dispose of undesirable info know-how assets.
“The new operator is discovering new prospects in Silicon Valley and would like to convey his know-how to authentic estate,” Ataei stated.