SAN JOSE — A Walgreens retail store site close to downtown San Jose — a person of the several drug outlets in the vicinity — has been purchased by a Southern California serious estate business.
The customer is an affiliate managed by Elliot Megdal & Associates, a Los Angeles-place true estate financial commitment and enhancement company, documents submitted on March 4 with the Santa Clara County Recorder’s Business exhibit.
The affiliate paid $6.2 million for the home, which is composed of a Walgreens drug keep at 780 E. Santa Clara St. in San Jose, in accordance to the county records.
Business enterprise records present Beverly Hills-primarily based Elliot Megdal & Associates is concerned in true estate advancement and financial commitment, with experience in retail qualities.
The vendor was an affiliate controlled by the home office of Illinois-primarily based Walgreens, public paperwork clearly show.
The drug retailer constructing totals about 15,200 square feet, a house database exhibits. The all round residence, which includes the adjacent parking great deal, totals 1.24 acres, or 54,000 square toes. The good the vast majority of the home is the undeveloped surface area parking good deal.
The house fronts on East Santa Clara Street and stretches from South 16th Street to South 17th Road.
The recently acquired parcel is amongst the upcoming web pages of two BART stations, which are predicted to be completed in about a decade, perhaps later. One particular station is slated to operate in the vicinity of the corner of North 28th Street and East Santa Clara Road and the other would sit at the intersection of 1st Avenue and Santa Clara Road.
This month’s house order price tag of $6.2 million is about 7% underneath the assessed benefit of $6.7 million that the County Assessor’s Business posted in mid-2021.
The Elliot Megdal & Associates affiliate that now owns the 780 E. Santa Clara St. Walgreens parcel doesn’t run a conveniently obvious site, so the nature of the company’s existing residence portfolio, as effectively as its authentic estate philosophy, are unclear.
On the other hand, Elliot Megdal & Associates has purchased modest retail attributes in the Atwater Village space of Los Angeles and the Ventura County city of Oxnard, in accordance to push releases by true estate brokers. The Megdal firm stated at the time of the Oxnard obtain in 2016 that it intended to redevelop the residence.
Downtown San Jose was jolted by the shutdown of a Walgreens retailer at South Initial Avenue and West Santa Clara Avenue in 2018 and the closure of a modest-sized Safeway retail outlet at 100 S. Second St. in 2019.
All those two shutdowns meant that Walgreens at East Santa Clara and North 17th streets had become the only major drug store in the space.
Entire Foods operates a bustling grocery retail outlet on the western edges of downtown San Jose at 777 The Alameda.
Walgreens also operates a drug shop at 1399 W. San Carlos St. in close proximity to Meridian Avenue in the city’s Midtown district.
It’s achievable the 1.2-acre site could be redeveloped mainly because of its place and size, said Bob Staedler, principal executive with Silicon Valley Synergy, a land-use consultancy.
“The internet site is within an urban village, which permits housing to be constructed there,” Staedler explained. “The Naglee Park community will pass up obtaining Walgreens nearby.”