By Meghan Hall
San Jose Water (SJW), a pure-play water and waste utility, has sold off several parcels in San Jose, Milpitas and Campbell, opening the door to the properties’ redevelopment. In the deal, SJW sold four parcels for $15.75 million to Valley Oak Partners. The parcels are all currently vacant, according to The Mercury News, who first reported the deal.
In the largest transaction, a 3.5-acre property at the corner of Montague Expressway and Pecten Court in San Jose traded for $6 million. Also in San Jose, a property along the Lawrence expressway, totaling 1.1 acres, was acquired for $2.6 million. In Campbell, a 2.2-acre property at 320 Virginia was purchased for $5.6 million,while in Milpitas, a smaller site–just 0.1 acres–was bought for $1.1 million.
SJW Group divested itself from the properties because they no longer served the company’s current needs. The firm, according to its website, is the second-largest investor-owned pure-play water and wastewater utility in the United States. The group consistently provides water service to 1.5 million people. In addition to San Jose, SJW Group is affiliated with Connecticut Water Company, The Maine Water Company, and the Canyon Lake Water Service Company, located in Texas.
Valley Oak Partners is based in San Jose, and specializes in both real estate development and investment. The company focuses often on the entitlement and build-out of commercial and residential real estate. Founded in 2008, the firm has processed more than 2,300 units through its pipeline, according to a statement from the company. The firm has also worked to develop about 1.5 million square feet of commercial real estate.