Terrascape Ventures is buying nearly 3,700 acres of ranch southeast of San Jose.
A San Jose real estate firm led by Tony Arreola and Mark Lazzarini has agreed to purchase Richmond Ranch at 7625 San Felipe Road, The San Jose Mercury News reports. Terms of the deal were not disclosed.
The seller is struggling Z&L Properties, a China-based developer with offices in Foster City. Z&L bought the ranch in 2017 for $25 million.
The 10-lot, 3,654-acre ranch was formerly a cattle herd zoned for agricultural use.
Century-old ranch with oak-studded hills, secluded meadows and Mount Hamilton views is on the market for $29.7 million, According to farm and ranch. It includes three ranch houses, one dating back to 1878; a barn; a stable; other outbuildings, natural springs, and a creek.
The ranch has been owned by the Richmond family for decades. The Richmond Ranch parcels were purchased in the 1920s and 1930s by Edmund Richmond, principal owner of San Jose-based Richmond-Chase, one of the largest canning and dried fruit companies in the United States.
Nearby is Silver Creek Country Club, which has a championship golf course and a tennis club.
Li Zhang, owner of Z&L, is at the center of a city corruption case that has been divesting assets throughout the Bay Area.
This month, the struggling company reached an agreement to sell a 139-unit apartment 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 with approval to build as many as 430 apartments. Although the price was not disclosed, the site is valued at $31 million.
In San Jose, 640 unpurchased apartments in the company’s new luxury complex at 188 West St. James Street in downtown are on the market for a total of $300 million.
Z&L is looking to sell the former Greyhound bus terminal at 70 South Almaden Boulevard in downtown San Jose, which has been approved for a 708-unit dual 20-story residential building. 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 plans to build two residential buildings.This week, the Mercury News reported that There are no plans to fix it.
— Dana Bartholomew
