San Jose Office Building Seized by Lender, Deemed an Eyesore, Sold to Bay Area Investor
A San Jose office building, located near the city’s major shopping centers, has been purchased by a Bay Area real estate investor after being seized by its lender. The two-story building, situated at 826 North Winchester, has become an eyesore in the community due to graffiti and neglect. The recent sale was documented on September 21st, with the property changing hands for slightly over $6.5 million.
Interestingly, this is not the first time the building has gone through a turbulent series of transactions. In 2020, a Redondo Beach-based investor originally acquired the property for $8.25 million. However, the loan was foreclosed, leading to a Grass Valley-based real estate group paying $10.75 million for the site in 2021. This last purchase price is substantially lower, indicating a depreciation in the property’s perceived value.
The new owner of the building is a subsidiary of San Jose-based Valuable Real Estate Development, also known as Anjin Capital, led by CEO Tianxing Wang. To finance the purchase, the owner secured a loan of $6.05 million from Socotra REIT, which coincidentally, was previously involved in a foreclosure attempt against the office building.
Over the years, there have been proposals to develop the North Winchester Boulevard property into a housing development, with plans for 137 apartment units. However, none of these projects materialized, and the most recent proposal did not receive approval from city planners. The future plans for the two-story office building, spanning 11,700 square feet, remain unclear under the new ownership.
One thing that is certain, though, is the dissatisfaction expressed by at least one neighbor in the community. Dr. Tal Solomon, principal veterinarian at Arch Veterinary Services adjacent to the office building, voiced his frustration with the blight on the property. Dr. Solomon stated that multiple fires have occurred on the premises, including one that damaged his own veterinary building. He emphasized, “The community deserves something way better” and expressed his exhaustion in dealing with the issue.
As the new owner takes control of the office building, there is hope that the property’s blighted condition will be addressed. The community eagerly awaits the transformation of this eyesore into a valuable asset that enhances the neighborhood.