Acquisition of
32 & 60 Stockton Avenue
October 17, 2023
Item 5.2
OEDCA
Nanci Klein, Director
DOT
Jessica Zenk, Deputy Director
DOT
John Ristow, Director
OEDCA
Kevin Ice, Senior Real Estate Manager
Background
2 – 32 & 60 Stockton Ave (Subject
Property) are located within footprint
of anticipated future rail infrastructure
– City, VTA, Caltrain, the California
High Speed Rail Authority, and the
Metropolitan Transportation
Commission need to acquire Subject
Property to facilitate the California
High-Speed Rail and San José
Diridon Station construction projects
Key Terms
3 – Price: $23,800,000
– Subject Property consists of two contiguous parcels with ± 1.12 acres (48,830 square feet) of land containing a combined 16,000 square feet of building space – General plan designation: Downtown
– Zoned: DC – Downtown Primary Commercial
– The City, at its discretion, may assign the purchase and sale agreement to the VTA. • The VTA would assume the purchase and sale agreement under the same terms and conditions. – Removal from title of all outstanding debts, including taxes and a $5,600,000 deed of trust. – Purchase is contingent upon receiving Metropolitan Transportation Commission funding authorization, which is expected to be heard on October 25, 2023.
– As-is acquisition, buyer to assume closing costs.
– Buyer to deliver an I.R.S. §1033 exchange letter to seller at closing. – The anticipated close is 30 days after the execution of a purchase agreement, but in no event later than December 31, 2023.
Thank you!
Staff are available for questions.
Contact Information:
Nanci Klein – [email protected]
John Ristow – [email protected]
Jessica Zenk – [email protected]
Kevin Ice – [email protected]