A vast San Jose ranch owned by a China-based real estate firm is on the verge of being bought by local investors.
SAN JOSE — A vast San Jose ranch is on the verge of being bought by local investors in a deal that offers fresh evidence that the Bay Area real estate empire of a China-based firm is being steadily disassembled.
Terrascape Ventures, a San Jose-based real estate firm whose principal executives are Tony Arreola and Mark Lazzarini, has agreed to purchase the property.In 2017, Z&L paid $25 million to buy the ranch. As has been the case with an array of downtown San Jose properties the company owns or has developed, Z&L Properties has said little if anything about what it had planned for the huge ranch.
Z&L Properties has struggled greatly with its Bay Area real estate portfolio, which is located primarily in downtown San Jose and San Francisco. In 2021, Z&L Properties yielded ownership of one of its development sites, a 1.6-acre property near the corner of Terraine Street and Bassett Street. Z&L’s plans for a big residential tower at that location had stalled.
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