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Wednesday, May 18, 2022

San Jose site near big mall avoids foreclosure, goes up for sale

San Jose – Two prime properties across the street from a large San Jose mall are up for sale and could become the site of a new office tower, medical highrise or hotel.

Sites 2812 and 2850 are located at Stevens Creek Blvd. In San Jose and across the street from the Westfield Valley Fair Mall and down the street from Santana Row.

The 2850 Stevens Creek site is already approved for an 11-story hotel development and is now occupied by a gasoline station.

In October 2021, the property fell into default on its mortgage and was facing foreclosure and even the highest bidder had to be auctioned off.

Cambria Hotel, 175 room, 11-storey hotel at 2850 Stevens Creek Blvd. In San Jose, concept. (Henry Cord)

However, an associate led by Adil Mahmood, chief executive of the property’s owner, Villa Developers & Investments, corrected the default and saved the property from foreclosure. Mahmood’s group still owns the site.

David Taxin, a partner with Meacham/Oppenheimer, a commercial real estate firm, came up with the idea of ​​attempting to sell both the 2850 Stevens Creek site and the adjacent parcel at 2812 Stevens Creek in a package deal.

Overall, the sites total 1.3 acres, according to Taxin. If the properties were to be acquired by a single buyer, a high-density development on a new age site may be possible.

“We went to the neighbor and we are marketing the two parcels as a single development site,” said Taxin.

The adjacent site is owned by an affiliate led by the Sal Cala family, a real estate investment group.

“The parcels together will give you a property where you can go at least 10 stories with a building,” said Taxin.

A combined site would form a high-profile location fronting on Strevens Creek between South Monroe Street and South Clover Avenue.

“Parcels together give us a much wider audience,” said Taxin.

San Jose city officials are calling for higher density along the stretch of Stevens Creek Boulevard between Interstate 880 and Winchester Boulevard.

In the package deal scenario, the combined site will be offered for sale for $25 million, according to Taxin.

The 2850 property where the hotel has been approved, if sold separately, would be offered for $12.8 million. In recent years, Mahmoud attempted to sell the hotel site for about $20 million.

However, the onset of coronavirus devastated the housing and travel sector. The economic shock from the deadly bug has reduced the value of existing hotels in many instances. That dynamic has made the development of new hotels less feasible.

“We’re talking to some big-name medical tenants to see if anyone is interested or needs something in this area,” Taxin said.

Also, the site could be viable as an office tower for a tech company.

“A large office building with some large technical tenant would be similar to what is being done in Santana Row,” said Taxin.

World Nation News Deskhttps://www.worldnationnews.com
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