Korean Asset Manager & Owner of Fairmont Hotel Buys Development Site in North San Jose for $22.5MM

Mirae Asset, Bay Area, San Jose, Samsung Group, Terra Development, Fairmont Hotel, San Francisco, Woodbridge Capital Partners, Oaktree Capital Management,
Rendering Courtesy of Corbel Architects

By Meghan Hall

Mirae Asset, one of Korea’s largest financial services firms, has closed on another Bay Area asset, this time in North San Jose. The Seoul-based company purchased property at 4701 N. First St. for $22.5 million, according to The Mercury News, who first reported the transaction. The property is currently eyed for development by Shilla Stay, an affiliate of Samsung Group, who has proposed a 200-key hotel for the property.

The seller of the property was Milpitas, Calif.-based Terra Development, who owns close to 40 acres in north San Jose.

According to a Planned Development Permit issued in June of this year by the City of San Jose, the 3.5-acre First Street property will also include a 15,400 square foot retail building. The hotel itself will total approximately 110,000 square feet. On a site just adjacent to the new Mirae Asset property, Terra Development plans to construct a 72,000 square foot facility which will house Top Golf, a popular, tech driven driving range that allows golfers to track the distance and accuracy of their drives through golf balls embedded with microchips. Top Golf locations also feature a variety of games, entertainment venues and a restaurant.

In October of 2015, Mirae Asset purchased the Fairmont Hotel in San Francisco for $450 million, or about $760,000 per room. Mirae Asset purchased the hotel from Woodbridge Capital Partners and Oaktree Capital Management, who originally purchased the hotel in May of 2012 and paid $200 million for the property.

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