SAN JOSE — An enormous chunk of a retail middle in San Jose has been purchased in a deal that means buyers nonetheless starvation for South Bay actual property regardless of financial uncertainties that the coronavirus unleashed.
A portion of Edenvale Buying Heart on Monterey Highway in south San Jose has been purchased by a gaggle linked to Burlingame-based enterprise govt Marc Korody, based on paperwork filed on Nov. 21 with the Santa Clara County Recorder’s Workplace.
A 2.2-acre part of the buying middle was purchased for $11.1 million, the county data present.
The just-bought property has addresses starting from 5302 by means of 5320 Monterey Freeway in San Jose, based on public actual property paperwork.
It’s attainable that the property may very well be redeveloped as a housing or mixed-use undertaking sooner or later, based on David Taxin, a associate with Meacham/Oppenheimer, a industrial actual property agency.
Taxin famous that this part of Monterey Highway is dotted with a hodgepodge of zoning designations.
Among the many retailers within the retail part that was bought: Mercado California, a grocery retailer; Quantity One Cleaner dry cleaners; Trine’s Cafe, a restaurant; My Mobile Plus cellphone retailer; Lauderland laundromat; Birrieria El Primo restaurant; and Delizias Bakery.
Notable enterprises whose properties weren’t purchased and never included within the transaction: Christ the King Catholic church, AutoZone auto elements retailer and Taco Mania restaurant.
“San Jose buying facilities are all the time in demand,” Taxin stated. “There’s all the time a scarcity of them in the marketplace it doesn’t matter what the financial system is like.”