Parcels of vacant land totaling approximately 115 acres near the intersection of Yerba Buena Road and Old Yerba Buena Road in south San Jose.
SAN JOSE — An East Coast real estate company has taken full ownership of a large tract of land south of San Jose, but it’s unclear whether the property will be developed.
DLJ Real Estate Partners, acting through affiliates, has purchased approximately 115 acres of land near the intersection of Yerba Buena Road and Old Yerba Buena Road in south San Jose.
New York City-based DLJ Real Estate paid $5 million for the vacant land, according to documents filed Nov. 29 in the Santa Clara County Recorder’s Office.
Prior to the property purchase, San Mateo-based Legacy Partners, Chicago-based Walton Street Capital and DLJ Real Estate all had ownership interests in the property.
The closing of the transaction left DLJ affiliates as the sole owners of the property, according to county documents.
It is unclear whether property owners will be allowed to develop the vacant land.
Almost 20 years ago, in 2000, the previous owner, Syntex, floated plans to develop a large industrial building on the site. These plans never materialized and the property was never developed.
A proposal is currently being circulated at San Jose City Hall to change the site’s zoning to open space, a designation that could preclude any large-scale development or even low-density projects on the site. There is.