SAN JOSE — A New York City development company has taken over a northern San Jose site next to a busy freeway in a deal that adds to the firm’s Silicon Valley holdings.
According to documents filed with the Santa Clara County Recorder’s Office on October 13, Machine Investment Group has purchased a large office and research building at 1010 Rincón Circle in San Jose, near the interchange of Interstate 880 and the Montague Expressway.
Acting through an affiliated 1010 Rincon Owner, Machine Investments paid $32.6 million for the building, county documents show.
According to the LoopNet property listing service, the building totals 90,900 square feet.
Quanta Cloud Technology USA, a technology company that provides servers and software for cloud-based systems, occupies the building.
Machine Investments also secured a $23 million loan to help finance the property purchase, county records show. Zions Bancorp and California Bank & Trust provided the financing.
The building occupies one parcel which is a total of 4.8 acres. The property is large enough that it may be redeveloped at some point with a modern technical building.
Separately, in west San Jose, Machine Investment is a co-owner of a major redevelopment site.
In 2020, a coalition of Santa Monica-based Miramar Capital Group and Machine Investments paid $54.5 million for a 9.2-acre site at 4300 Stevens Creek Blvd. in San Jose. Miramar Capital and Machine Investment Venture has proposed the development of 637 residential units in multiple buildings and a five-storey hotel with 250 rooms as well as shops and restaurants, city planning documents show.
The purchase of North San Jose is a reminder that Silicon Valley remains a haven for real estate investors. The deal also shows that buyers believe the tech industry is expected to seek more office and research space for expansion.
“Assets in areas with attractive long-term demand drivers” are of primary interest to Machine Investment Group, states a post on the company’s website.