2724 Monterey Road in San Jose, shown within the outline. Boundaries are approximate. (Google Maps)
SAN JOSE — The purchase by a busy real estate investor of an old motel property in San Jose could lead to new activities for the chunk of land that the site occupies.
A group of buyers headed up by Do Van Tron, a San Jose-based business and real estate executive, has bought a property at 2724 Monterey Road in San Jose, according to documents filed on Sept. 1 with the Santa Clara County Recorder’s Office.
On Sept. 2, Tron completed the purchase of the old Sears store next to Eastridge Center shopping mall in San Jose, disclosing that he intends to transform the former department store into an indoor Vietnamese market.
Tron, acting through his affiliated real estate investment firm, Intelli, paid $24.8 million for a site that includes the old Sears department store, Sears auto service center and a large surface parking lot, according to county property documents.
In the motel purchase, Tron’s investment group paid $6.4 million for a 2.4-acre site near the corner of Monterey Road and Umbarger Road, county records show. Tron also obtained a $3.2 million loan from Tri Counties Bank at the time of the purchase.
The motel site deal in San Jose was arranged through brokers David Taxin and Jeremy Awdish with Meacham/Oppenheimer, a commercial real estate firm.
“We are looking for somebody who would like to put in a new use on the property,” said Taxin, a partner with Meacham/Oppenheimer.
An array of potential activities could replace the motel. The property is large enough at more than two acres that multiple uses could operate on the site.
“It could be fast food, a veterinarian hospital, a gas station,” Taxin said. “It could even be industrial.”
Originally published at George Avalos