SAN JOSE — A New York City-based development company has grabbed a north San Jose site that’s perched next to a busy freeway in a deal that adds to the firm’s Silicon Valley holdings.
Machine Investment Group has bought a big office and research building at 1010 Rincon Circle in San Jose, a property that’s near the interchange of Interstate 880 and Montague Expressway, according to documents filed on Oct. 13 with the Santa Clara County Recorder’s Office.
Acting through affiliate 1010 Rincon Owner, Machine Investment paid $32.6 million for the building, the county documents show.
The building totals 90,900 square feet, according to the LoopNet property listings service.
Quanta Cloud Technology USA, a tech company that provides servers and software for cloud-based systems, occupies the building.
Machine Investment also obtained a $23 million loan to help finance the property purchase, the county records show. Zions Bancorp and California Bank & Trust provided the financing.
The building occupies a parcel that totals 4.8 acres. The property is large enough that it could be redeveloped at some point with a modern tech building.
Separately, in west San Jose, Machine Investment is the co-owner of a key redevelopment site.
In 2020, an alliance of Santa Monica-based Miramar Capital Group and Machine Investment paid $54.5 million for a 9.2-acre site at 4300 Stevens Creek Blvd. in San Jose.
The Miramar Capital and Machine Investment venture has proposed the development of 637 residential units in multiple buildings and a five-story hotel with 250 rooms, as well as shops and restaurants, city planning documents show.
The north San Jose purchase is a reminder that Silicon Valley remains a haven for real estate investors.
The deal also suggests buyers believe the tech industry is expected to seek more office and research space for expansion.
“Properties in sectors with attractive long-term demand drivers” are of primary interest to Machine Investment Group, a post on the company’s website states.