SAN JOSE — A downtown San Jose retail property with a well-known tenant has been bought in a deal that hints at investor interest in robust sections of the city’s sleepy urban core.
Read more Is California’s unemployment rate really 10%?
The buyer in the deal paid $3.4 million for a retail building in the downtown district’s bustling San Pedro Square, according to documents on file with the Santa Clara County Recorder’s Office.
The just-bought property is at 73 and 75 N. San Pedro St. in San Jose and is occupied by The Old Wagon Saloon & Grill.
“Nestled in the heart of San Pedro Square, 75 North San Pedro St. offers an unparalleled opportunity in one of San Jose’s most vibrant and historic districts,” according to a marketing brochure for the property prepared by Chad Leiker, a senior vice president with Kidder Mathews, a commercial real estate firm. Leiker arranged the transaction.
The sellers in the deal included groups headed up by John McEnery IV and the Cucuzza Family Partnership, the county property documents show.
“One of the main building highlights is the current restaurant, The Old Wagon Saloon Bar & Grill, which has occupied this location for close to 20 years,” according to the Kidder Mathews marketing materials.
The just-bought building totals 3,600 square feet and was built in 1908, the Kidder Mathews brochure states.
Read more Northern California girl suffers ‘significant’ injuries after being attacked by six dogs
Chibode Awuzie is listed as the principal executive of the buying group. Awuzie has had the same addresses in San Jose and Frisco, Texas, as the Awuzie who currently is a defensive back for the Baltimore Ravens NFL team, state business filings show.
Awuzie, who was born in San Jose and attended Oak Grove High School in that city, has also played for the Dallas Cowboys, Cincinnati Bengals and Tennessee Titans.
The buying group also obtained a $2 million loan from BAC Community Bank at the time it bought the building, the county real estate records show.
By happenstance, McEnery IV, one of the sellers, has filed litigation against a group that includes former San Jose Mayor Tom McEnery in connection with a business deal that soured involving San Pedro Square, federal court records show.
The deal suggests investors still eye properties in downtown San Jose areas such as San Pedro Square, the SoFA neighborhood and the downtown’s historic district, even in the face of significant office vacancies and empty storefronts in other parts of the urban core.
“San Pedro Square is renowned for its rich history, diverse culinary scene, and dynamic nightlife, making it a magnet for residents, professionals, and visitors alike,” Leiker stated in the marketing materials.
Read more San Leandro police detail accused two-time killer’s ’emotionless’ confession after gym shootings
About the Author
