PLEASANTON — A big chunk of land in Pleasanton near sites owned by Amazon has been grabbed by a real estate investment firm from New York in a sign of ongoing investor interest across the Bay Area.
Square Mile Capital has bought more than 50 acres of land at 3300 Busch Road, according to documents filed on June 2 with the Alameda County Recorder’s Office.
The New York City-based company paid $65.9 million for the properties, the county documents show.
The purchase was arranged through brokers Michael Lloyd and Larry Easterly with Colliers, a commercial real estate firm; and Sam Higgins and Tom Damaschino with KBC Advisors, a commercial real estate firm.
The seller was Kiewit Infrastructure Co., which is a unit of Kiewit Corp., a Nebraska-based construction company, according to county property records and government business files.
Square Mile bought the property, which totals 50.5 acres, through an all-cash deal, according to the public records.
“We invest in markets where we actively own, develop, lend, borrow, lease, reposition and sell commercial real estate assets of all types,” Square Mile Capital said on its website.
The site that Square Mile bought is near approximately 58 acres that Amazon bought in September 2021 for $75 million in cash, giving the e-commerce behemoth ownership of land in a Pleasanton district of quarries and lakes. The Amazon purchase is to the east of the Square Mile Capital sites.
An Amazon.com commerce and delivery complex could conform with the commercial land uses that exist on the properties. Amazon said it’s planning a distribution center on the site. Deliveries or package sorting operations could be hosted at a distribution center.
One commercial property expert believes the Square Mile Capital purchase is a long-term play for the real estate firm. At present, Bigge Crane & Rigging Co. operates an equipment storage business on land that the company leases at the 3300 Busch property.