SAN JOSE — An old motel property in San Jose is set to be repurposed after the site was bought by a busy real estate investor who is also working to bring a Vietnamese market to a former Sears store in the city.
A group of buyers headed up by Do Van Tron, a San Jose-based business and real estate executive, has bought the property at 2724 Monterey Road, according to documents filed on Sept. 1 with the Santa Clara County Recorder’s Office.
Tron’s investment group paid $6.4 million for the 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 deal 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 possibilities could replace the motel, and the property is large enough at more than two acres that the site could be suitable for multiple uses at once.
“It could be fast food, a veterinarian hospital, a gas station,” Taxin said. “It could even be industrial.”
Around the time of the motel purchase, on Sept. 2, Tron also 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.