SAN JOSE — A busy real estate firm involved in several wide-ranging redevelopment projects in the Bay Area has bought a big retail site in San Jose that’s anchored by a Lowe’s Home Improvement store.
Orton Development, a company with some high-profile real estate projects in its portfolio, has paid $41.75 million for a Lowe’s-anchored retail center, according to documents filed on May 24 with the Santa Clara County Recorder’s Office.
Acting through affiliate 775 Ridder Park Drive, Orton Development bought approximately 11.5 acres at 775 Ridder Park Drive, a site that’s alongside Interstate 880 and just off Brokaw Road, the county records show.
Besides the big Lowe’s store, the center also includes a huge surface parking lot and a retail strip across from Lowe’s that contains smaller merchants.
Located right around the corner from the interchange of 880 and Brokaw Road and near the U.S. Highway 101 and Interstate 880 interchange, the property has an excellent location for an array of uses.
“The immense potential that north San Jose has in terms of new development cannot be overstated,” said Bob Staedler, principal executive with Silicon Valley Synergy, a land-use consultancy.
The seller was a group headed by Kaneohe Ranch Management, a famed Hawaii-based company founded around 1894 with vast holdings on the eastern side of Oahu in the Kailua district.
Over the decades, Kaneohe Ranch extended its property ownership to other sites on Oahu as well as the United States mainland.
The buyer, Orton Development, owns some high-profile redevelopment sites in the Bay Area.
— Ford Point in Richmond. A former Ford Motor vehicle assembly factory, Ford Point is nearly fully leased to tenants such as SunPower, Columbia Sportswear, and Ekso Bionics and is the site of a restaurant with scenic views of the Bay.
— Oakland Civic in Oakland. The historic site of the former Oakland Auditorium and Calvin Simmons Theatre is being redeveloped. The property will be converted into commercial space as well as provide office, practice, and performance space for local artists, makers, and performers.
— Flint Ink in Berkeley. A former ink factory, the property has been revamped and now has tenants that include two wineries, a solar power company and a printing company.
— Contra Costa Industrial Park in Pittsburg. A former U.S. Steel foundry, the complex is now a multi-use industrial center that both BART and SF Muni use to make and repair rail cars.
Lowe’s Home Improvement store at 775 Ridder Park Drive in north San Jose. // Google Maps
In north San Jose, it wasn’t immediately clear what might be the game plan for the Lowe’s property.
A number of properties in the north San Jose area have been bought in recent years so they could be converted into industrial, logistics, or package handling complexes.
Numerous tech campuses also dot the area.
“This is a savvy acquisition,” Staedler said. “The new owner has a lot of options.”