By Meghan Hall
An industrial asset near the heart of San Jose has traded hands as the city continues to develop. In a deal that closed mid-December, Valley Oak Partners acquired property at 1102 S. 3rd Street for $22,269,500, according to public records. The property, classified as a public warehouse and mini storage facility, was sold by a local family trust.
Records show that the asset was originally constructed in 1919 and “last altered” in 1950. In all, the building totals 94,287 square feet and sits on just under 2.5 acres of land. The property is not far from Interstate 280 or State Route 87, and is within easy distance of the Happy Hollow Park and Zoo, downtown San Jose, and the Grand Century Shopping Mall.
The deal is also the second that Valley Oak Partners has closed in recent months. In a November sale, San Jose Water (SJW) sold four parcels for $15.75 million to Valley Oak Partners. The parcels are all currently vacant. 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.
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.