Updated Aug 28, 2026
Peter Pau Of Sand Hill Property Acquires Ground Lease At 1402 Monterey Road For $12M
1402 Monterey Road
$12,000,000
$156/SF
Building Size
76,800 SF
Asset Type
Development Site
Closing
Aug 26, 2026
About this deal
AI
The transaction involved a ground lease for a development site located at 1402 Monterey Road in San Jose, CA. The deal was completed for a total price of $12,000,000, covering an asset encompassing 76,800 square feet on a 3.4-acre property.
Summary of transation details:
- Property Type: Ground Lease
- Transaction Amount: $12,000,000
- Square Footage: 76,800 SF
- Price Per Square Foot: $156
- Buyer: Peter Pau - Sand Hill Property
- Seller: The San Jose Unified School District
- Market: San Jose, CA
- Acquisition Date: 08/26/2026
A nonprofit affiliate, led by entrepreneur Peter Pau, acquired the ground lease with plans to repurpose the former school into a community services hub, which also includes a gymnasium and multi-purpose building within the 9,900-square-foot space.
Players
Monterey Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93