Tuesday, May 21, 2013

Downtown plaza sells witha surprise ending

Downtown plaza sells with surprise ending



St. James Plaza sold to a private investor.
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St. James Plaza sold to a private investor.
Real Estate Reporter- Silicon Valley Business Journal
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In a twist ending to a deal that drew interest from downtown observers, a private investor has purchased Downtown San Jose's St. James Plaza, a 128,000-square-foot office building that was being eyed by another suitor for an apartment conversion.
Brokers on both sides of the off-market transaction would not disclose the buyer or the price, but records on file with the Secretary of State's office identify Brent Lee of Saratoga as connected to the entity, RPRO152N3 LLC, that purchased the property from Iron Point Partners LLC. Efforts to reach Lee were unsuccessful last week, so it's unclear what the buyer's plans are for the property.
The nine-story building is located at 152 North Third St., adjacent to the San Jose Athletic Club and across the street from St. James Park. Roughly 60 percent leased, its largest tenant is the Law Foundation of Silicon Valley, which occupies nearly 19,000 square feet. But it is perhaps best known for its historic-style facade on the ground floor, and retail tenant Freshly Baked, the sandwich spot with a devoted downtown following.
The property also includes about an acre of additional land at the northwest corner of North Fourth Street and East St. John St.
The off-market deal's trajectory is a unique one: The property first attracted the attention of Pacific Union Development Company, the respected San Francisco-based developer of residential, commercial and mixed-use projects.
Pacific Union went into contract on the property and had begun discussions with city staff about potentially converting the offices to apartments and developing a new residential project on the land parcel. But the developer reportedly could not get a project to pencil out.
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Nathan Donato-Weinstein covers commercial real estate and transportation for the Silicon Valley Business Journal.
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