"SAN JOSE A Bay Area investor has bought an empty former Safeway store in a deal that could breathe new life into a downtown San Jose site that has been vacant for six years. Babu Paturi, who is based at a residence in San Jose, paid $2 million in an all-cash deal to buy the site at 100 South Second St., according to documents filed on Sept. 8 with the Santa Clara County Recorder's Office. Paturi is the manager of at least one LLC, state and county public documents show."
"This is on a great corner, Erik Hayden, an executive with Urban Catalyst, a real estate firm whose affiliate owns a parking garage next to the just-sold commercial space, said during an interview in June at the time the parcels were up for sale. Hayden said shops and dining establishments would do well if the spaces were split up. Retail and restaurant tenants are very interested in this space, Hayden said. A lot of restaurants or stores would be happy in that space."
An investor based in San Jose, Babu Paturi, bought the vacant former Safeway storefront at 100 South Second St. for $2 million in an all-cash transaction filed Sept. 8. The property sits on the ground floor of a 197-unit residential tower near San Jose State University and includes additional commercial parcels such as 96 East San Fernando St. Safeway closed the small-format store in 2019, leaving the area without a nearby supermarket. Industry observers say the corner is attractive for retail and dining, and multiple tenants have expressed interest in the space.
Read at www.mercurynews.com
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