Firm that works with Amazon buys key site in south San Jose
SAN JOSE >> A San Jose site slated for a huge industrial development that could be suitable for a logistics or e-commerce company has been bought by a veteran real estate firm whose notable tenants include Amazon.
Once developed and completed, the modern industrial complex in south San Jose could attract tech, research, or manufacturing firms — or Amazon.
Duke Realty is the buyer of the property, according to Santa Clara County public documents filed on Dec. 2. The real estate firm also has submitted a proposal to San Jose planners for a complete redevelopment of the site.
The south San Jose property has addresses of 5853 and 5863 Rue Ferrari and at present contains two buildings totaling 286,300 square feet.
The new industrial complex would total 303,100 square feet, preliminary plans on file with the city show.
Acting through affiliate Duke Realty Rue Ferrari, Duke Realty paid $40.6 million in cash for the 17-acre site, which has ready access to an interchange of Highway 101 and State Route 85.
Development of the property could create a significant job and economic hub for San Jose.
“This industrial facility has the potential to attract manufacturing, research and development and/or distribution uses that will provide longterm economic benefits to the city including employment,” Duke Realty said in the proposal the company filed with city planners.
Blue Vista Capital Management, a Chicago-based investment firm, sold the site to Duke Realty, county documents show.
The identity of any prospective tenants wasn’t immediately clear.
What is apparent, however, is that Duke Realty and Amazon have a significant connection since Duke Realty is frequently Amazon’s landlord.
“Duke Realty is an ecommerce-preferred developer, working with many of today’s logistics leaders to help them maximize their product storage and distribution,” the developer said on its website. Duke Realty highlighted some clients: “Amazon, Weber-Stephen, Carter’s, and Dick’s.”
A September analysis on the Motley Fool investment site took note of the Duke Realty and Amazon connection.