SAN JOSE — A big real estate firm with holdings nationwide has bought an old industrial building in San Jose that occupies a site that could be redeveloped.
The purchase by TA Realty, which used an affiliate to buy a building and land at 2205 Fortune Drive in San Jose, points to rising commercial property values in this section of the South Bay.
TA Realty paid $8 million for the property, according to documents filed on June 1 with the Santa Clara County Recorder’s Office.
Boston-based TA Realty, a development and investment firm, acquired the building through an all-cash deal, the county property records show.
The just-bought building, constructed in 1979, totals 31,400 square feet, a post on the Commercial Cafe property site shows.
The property’s real value might reside within the land beneath the decades-old building, however.
The building occupies a 2-acre site. That means it could be possible to replace the existing structure with a modern office building that totals about 62,000 square feet, using typical development density guidelines.
TA Realty has been active in the commercial property markets in Santa Clara County in recent years.
In 2020, the real estate firm paid $26.6 million for a new industrial building at 2144 Oakland Road in north San Jose that’s fully leased to a Santa Clara County government agency.
In 2021, TA Realty paid $77.1 million for a 5.4-acre parcel at the corner of East El Camino Real and South San Antonio Road in Mountain View, a property that’s part of a mixed-use center.
TA Realty owns or manages property assets totaling $13.5 billion in three different investment categories, according to a post on the company’s website.
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/tronc/MT32UR36GFEUFB446QMHEUA3T4.jpg)
