Home Real Estate Real estate firm scoops up San Jose site where village was eyed

Real estate firm scoops up San Jose site where village was eyed

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SAN JOSE — Real estate investors with ties to the Bay Area and Chicago have bought a big north San Jose site where a developer had once proposed a mixed-use neighborhood next to a busy light rail line.

The investors paid $28.9 million for a building and parking lot at 3011 N. First St. in San Jose, according to documents that were filed on June 4 with the Santa Clara County Recorder’s Office.

The buyer was an affiliate headed up by two real estate investment and development firms, according to county and state public records: Chicago-based Blue Vista Capital Management and San Francisco-based Cannae Partners.

Palo Alto-based Sand Hill Property Co. was the seller, the county records show. In 2015, Sand Hill affiliate SHP-CUTE paid $31 million for the 9.3-acre property.

In 2018, Sand Hill Property floated very preliminary plans for the development on the site of a huge mixed-use village of offices, homes and retail spaces.

City records didn’t…

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