Z&L Properties to sell condo-retail building in SF’s Hayes Valley
Terrascape Ventures buys historic 3,700-acre ranch in San Jose
Former cattle spread sold by China-owned Z&L Properties as part of divestiture
Terrascape Ventures is poised to buy a nearly 3,700-acre ranch in southeast San Jose.
The San Jose-based real estate firm led by Tony Arreola and Mark Lazzarini have agreed to buy the Richmond Ranch at 7625 San Felipe Road, the San Jose Mercury News reported. Terms of the deal were not disclosed.
The seller is the troubled Z&L Properties, a China-based developer with an office in Foster City. Z&L bought the ranch in 2017 for $25 million.
The 10-parcel, 3,654-acre ranch is a former cattle spread zoned for agricultural use.
The century-old ranch of oak-studded hills, secluded meadows and views of Mount Hamilton was listed for $29.7 million, according to Farm & Ranch. It includes three ranch houses, one dating to 1878; a barn; a stable; other outbuildings and natural springs and a creek.
For decades, the ranch was owned by members of the Richmond family. The Richmond Ranch parcels were bought in the 1920s and 1930s by Edmund Richmond, a major owner of San Jose-based Richmond-Chase, among the nation’s largest canning and dried-fruit companies.
Nearby is Silver Creek Country Club, with a championship golf course and a tennis club.
Z&L, whose owner Zhang Li is at the center of a city corruption case, has been shedding properties across the Bay Area.
This month, the embattled firm cut a deal to sell a 139-unit condo building at 555 Fulton Street in San Francisco for an undisclosed price.
Last month, it listed a 3.8-acre property at 3055 Patrick Henry Drive in Santa Clara approved for up to 430 apartments. While the price wasn’t disclosed, the site is valued at $31 million.
In San Jose, unbought condos in the firm’s new 640-unit luxury complex at 188 West St. James Street in Downtown have been put up for sale for a combined $300 million.
Z&L wants to sell a former Greyhound bus terminal at 70 South Almaden Avenue in Downtown San Jose, approved for twin 20-story housing towers with 708 units. The asking price was not disclosed.
The developer is accused of neglecting a historic church at 43 East St. James Street in Downtown San Jose, where it was slated to build two residential towers. This week, the Mercury News reported it has no plan to fix it.
— Dana Bartholomew
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