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.
