SAN JOSE — A big chunk of south San Jose land has been grabbed by a veteran developer with a global reach who plans a huge industrial, research or manufacturing complex on the site.
Development company Hines paid $62.3 million for the land, which is at 550 Piercy Road in San Jose, documents filed on Dec. 17 with the Santa Clara County Recorder’s Office show.
The south San Jose deal means that for the second time within a few days, Hines has completed a big investment in San Jose real estate. On Dec. 15, Hines paid $59.6 million in cash for a site at 150 S. First St. that is ripe for redevelopment.
The downtown property is at present a mixed-use site that is primarily a data center with some retail and office uses. Experts believe the property could be redeveloped as a creative office complex or bulldozed and replaced with an office tower.
Texas-based Hines operates in 27 countries and has $83.6 billion in properties under management, according to the company’s website. The company at present has 171 development projects underway worldwide, according to Hines.
In the south San Jose transaction, Foxconn Asset Management, a unit of Taiwan-based Hon Hai Precision Industry, sold the property to Hines, according to the county documents. The transaction was an all-cash deal, the property files show.
The south San Jose property is empty land, located on a site with close access to the U.S. Highway 101 interchanges of Blossom Hill Road-Silver Creek Valley and Bernal Road-Silicon Valley Boulevard. It’s also close to a major interchange of Highway 101 and State Route 85.
Hines has filed a preliminary proposal with San Jose planners to develop the land, which totals 29.4 acres, city documents show. It envisions two big buildings that together would total at least 403,900 square feet, according to the municipal planning files.
One building is expected to total approximately 238,700 square feet and the other is slated to total roughly 166,200 square feet.
The development is being steered through the city planning process by The Schoennauer Co., a property and land-use consultancy.
Erik Schoennaur, a company principal, declined to comment. Hines declined to comment about the situation.
Considerable vehicle activity is envisioned on the property.
“Cross access agreements will be utilized for auto and truck circulation throughout the site,” the city planning files show.
An array of potential future uses are anticipated for the site.
“The buildings will be utilized for potential industrial distribution, manufacturing and research and development,” according to the planning documents. “The site will have common amenity areas.”
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