Two modestly size office buildings that sit on a north San Jose lot that’s big enough to be redeveloped have been bought by a Southern California investor.
In a rare occurrence for Silicon Valley office buildings, the sellers sold the property for less than what they paid for it, Santa Clara County public records show.
An affiliate of JW Capital Inc., which is headed by San Diego-based investor John Wang, bought the two north San Jose buildings in a cash deal, according to property documents filed on Oct. 2.
The two buildings are located at 1110 and 1120 Ringwood Ct. in San Jose and together they total about 79,000 square feet, according to a brochure prepared by CBRE, a commercial real estate firm that has been seeking tenants for the office buildings.
JW Capital paid $10.6 million for the two buildings, county documents show. The buildings are within a complex called Silicon Valley Research Center.
CBRE brokers Bob Steinbock and Christian Marent arranged the property purchase.
The seller was an affiliate of Westcore Properties, a big real estate firm that bought the buildings in 2018 for $11.7 million, county records show.
The latest transaction shows the site had an assessed value of $11.9 million at the time JW Capital bought the property. One building totals 46,000 square feet and the other totals 33,000 square feet, the CBRE brochure states.
JW Capital couldn’t be reached for a comment about the deal or any possible future strategy for the property.
The 5.4-acre site on which the buildings stand could lend itself to potential redevelopment.
That’s because based on the densities that are allowed for a number of north San Jose modern office projects, it could be possible to construct a new office building on the site that totals around 165,000 square feet.