SAN JOSE – A very active real estate company involved in several large-scale redevelopment projects in the Bay Area has purchased a large retail site in San Jose, anchored in a Lowe’s Home Improvement store.
Orton Development, a company with high-profile real estate projects in its portfolio, paid $ 41.75 million for a retail center anchored in Lowe’s, according to documents filed May 24 with the County Registrar’s office in Santa Clara.
Acting through subsidiary 775 Ridder Park Drive, Orton Development purchased approximately 11.5 acres at 775 Ridder Park Drive, a site located along Interstate 880 and just off Brokaw Road, according to records from the county.
In addition to Lowe’s department store, the center also includes a huge above ground parking lot and retail area across from Lowe’s which contains small merchants such as a Wingstop restaurant and DaVita Silicon Valley Dialysis, according to information provided by Google Maps. .
Located just around the corner of the 880 and Brokaw Road interchange and close to the US Highway 101 and Interstate 880 interchange, the property has an excellent location for a range of uses.
The Vendor was a group run by Kaneohe Ranch Management, a famous Hawaii-based company founded around 1894 with extensive operations east of Oahu in the Kailua District.
Over the decades, Kaneohe Ranch has expanded its ownership to other locations on Oahu as well as the Americas.
The buyer, Orton Development, has top-notch redevelopment sites in the Bay Area.
– Ford Point in Richmond. A former Ford motor vehicle assembly plant, Ford Point is almost entirely leased to tenants such as SunPower, Columbia Sportswear, and Ekso Bionics and has a restaurant with panoramic bay views.
– Oakland Civic in Oakland. The historic site of the Old Oakland Auditorium and Calvin Simmons Theater is being redeveloped. The property will be converted into commercial space and will provide offices, practice rooms and performance spaces for local artists, creators and performers.
– Flint Ink in Berkeley. Formerly an ink factory, the property has been renovated and now has tenants which include two wineries, a solar power company and a printing house.
– Contra Costa industrial park in Pittsburg. A former US Steel smelter, the complex is now a multi-purpose industrial hub that BART and SF Muni use to fabricate and repair rail cars.
In northern San Jose, it wasn’t immediately clear what the game plan might be for the Lowe property.
A number of properties in the North San Jose area have been purchased in recent years so that they can be converted into industrial, logistics or package handling complexes.
Numerous tech campuses also dot the region.