A San Jose tech campus has landed a buyer and is being sold for a loss in a deal that also enables the development of 700 homes.
SAN JOSE — A San Jose tech campus has landed a buyer and is being sold for a loss in a deal that also paves the way for the development of more than 700 homes on the choice property, public documents show.
The real estate investment firm revealed that the office center is being sold at a loss compared with the $52.5 million that Global Net Lease paid in 2014 for the property, the SEC documents show.However, the Global Net Lease website shows that in 2014 the company paid $52.5 million to buy a three-building office complex in San Jose with addresses 211, 251 and 281 River Oaks Parkway.
The office complex listed on the company’s website totals 164,600 square feet. The site consists of three office and research buildings, according to commercial property listing services.However, Valley Oak Partners, a San Jose-based veteran local developer, has proposed a huge housing development for this site, a filing with the San Jose Planning Department shows.
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