Urban Catalyst Acquires Downtown San Jose Parking Lot For $3.3M

Urban Catalyst has acquired a parking lot in Downtown San Jose for $3.3 million. The 2.1-acre property, located at 60 North 3rd Street, was sold by Town Park Towers. This purchase completes Urban Catalyst's land acquisition for the Icon office and Echo apartment project near City Hall. The project may now focus on developing a 22-story, 650-unit apartment building instead of office space due to limited demand in the area.

Summary of transaction details

• Property Type: Parking Lot
• Transaction Amount: $3,300,000
• Acres: 2.1
• Address: 60 North 3rd Street
• Market: San Jose

Erik Hayden, representing Urban Catalyst, facilitated the purchase of the parking lot. Mark Ritchie of Ritchie Commercial acted as the broker for the deal.