Hunter Properties purchased 39 acres of raw land at North First Street and Highway 237 in San Jose, CA, for $66 million, or about $1.69 million per acre. An additional $5 million will go towards possible traffic mitigation fees from the impact of its proposed development to make the total sale price out to be $71 million. The seller, Palm Inc., purchased the land around 1996 and at one time was going to turn the land into its headquarters.

According to Deke Hunter of Hunter Properties, the site will be developed into a 1.2 million-square-foot mixed-use commercial development. The project will include four Class A, LEED-certified office buildings totaling 880,000 square feet of space, a 100,000-square-foot hotel, a 75,000-square-foot retail building occupied by mostly restaurants, a health club, meeting space, and a lastly a separate 150,000-square-foot retail anchor. The project is scheduled to start Phase I in February of next year.

Please reference COMP# 1334769 for more information.