More Milpitas land sold to developer
Large empty parcel sits near site of earlier sale of office complex last month
MILPITAS >> A developer that specializes in the construction of industrial properties has grabbed a big chunk of land in Milpitas that’s next to three office buildings that were bought a few days earlier.
Bridge Development Partners, acting through affiliate Bridge Point Milpitas, has paid $78.1 million for the empty land, a field that’s perched along McCarthy Boulevard just north of State Route 237, according to Santa Clara County documents that were filed on July 30.
That deal comes on the heels of the purchase on July 25 of three office buildings totaling 472,000 square feet that are just south of the newly bought land. That deal was valued at $70.25 million, county records show.
The new owners, Embarcadero Capital Partners and PCCP, two real estate investment firms, intend to transform the three big office buildings into a modern tech hub.
Hudson Pacific Properties was the seller in both transactions. Through the sale of the three office buildings and the vacant land, Hudson Pacific harvested a combined total of $148.4 million within
the space of a few days, the county documents show.
The vacant lot totals 35.4 acres, county assessment records show. The site is approved for a considerable amount of development.
The nearly 35 acres could accommodate up to 950,000 square feet of additional space. The land parcels have already been approved for offices, research space, or industrial buildings, or a combination of the three types of property. Hudson had never disclosed any specific intentions for the land
during its ownership of the Milpitas sites.
Bridge Development specializes in the construction of industrial buildings located in infill sites. Bridge executives couldn’t immediately be reached for comment.
The land parcel the Bridge bought is flanked by the three office buildings, a large industrial complex, the McCarthy Ranch retail and restaurant center, and Coyote Creek, so it fits the definition of an in-fill site.