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…