SAN JOSE — 1 of the nation’s greatest and most successful serious estate corporations, a Texas-dependent developer, has quietly gobbled up option chunks of San Jose land the place the company is eyeing a large new job.
In three different transactions, with the most new getting area this month, Hines Pursuits has acquired 45 acres of land in south San Jose, paying out a put together $97.4 million for the parcels, a critique of Santa Clara County house documents demonstrates.
Houston-centered Hines Passions, acting via an affiliate, compensated $15.2 million for a 6.9-acre web-site in close proximity to the corner of Hellyer Avenue and Silicon Valley Boulevard, in accordance to documents submitted on June 16 with the county Recorder’s Place of work.
Hines is searching for acceptance for the enhancement of two industrial buildings that with each other would whole 422,700 square feet at 550 Piercy Street, which is a small distance from the just-bought land, San Jose metropolis planning documents exhibit.
The proposed structures would be built on a 29.4-acre web-site that a Hines affiliate purchased in 2021 by spending $62.3 million, county data clearly show.
Just one creating would whole 250,200 square feet though the other constructing proposed for the 29 acres would total 172,500 sq. feet, in accordance to the metropolis arranging data files.
The third parcel that Hines bought totals 9 acres. Hines bought this web-site for just less than $20 million in 2022, genuine estate information present.
The three parcels are adjacent and form a significant continuous piece of land, according to county general public files.
The advancement proposal is working its way via the San Jose town progress method, the city’s allow page demonstrates.
Hines representatives also have applied for a permit to in fact assemble the two industrial properties, at the time all the approvals are acquired.
The setting up paperwork propose some small place of work or analysis routines could take place within just the two buildings.
Now that tech providers have dramatically scaled back again their urge for food for place of work place amid economic uncertainty, industrial complexes these types of as the just one Hines is eyeing have turn out to be more preferred amongst developers.
The timeline for the design of the industrial buildings wasn’t straight away specific. It also wasn’t crystal clear no matter if equally would be built at the exact time or in phases.