By Meghan Hall
Hines is continuing to expand its reach in San Jose. Shortly after buying another San Jose asset, privately held investment partnership Hines has acquired 550 Piercy Rd. for $62.25 million, according to The Mercury News, who was the first to report on the deal. Public records indicate that the seller was an entity affiliated with Foxconn Asset Management LLC, based in Santa Clara but affiliated with Hon Hai Precision Industry in Taiwan.
Hon Hai initially announced the deal back in September; the company stated that it was expected to gain $50,472,050 in the transaction.
The property is currently vacant and totals 29.6 acres. Hines initially filed plans to redevelop the property at the beginning of October and intends to construct two buildings at the site. The first building, to be located along Piercy, will total 238,680 square feet, while the second, to be along Hellyer Ave., will have 165,213 square feet of space.
The deal came to light shortly after Hines struck a deal with Digital Realty for a prime piece of downtown San Jose property. In that transaction, Hines paid 59.6 million, or about $332 per square foot, for 150 S. First St. The property totals 179,800 square feet and is 96 percent leased.
Hines, first founded in 1957, has a presence in 355 cities and 27 countries. Recent statements from the company indicate that it currently has around $83.6 billion in assets under management. Over the course of its history, Hines has developed, redeveloped or acquired around 1,486 properties totaling 492 million square feet. The company has more than 171 developments underway around the world.