The deal for developer Lowe Enterprises' so-called "n1 Campus" closed last week, according to public records. Apple paid just more than $138 million for the property at 2347 North First St., according to a deed that I examined in person today at the Santa Clara County Clerk-Recorder's Office.
Only a few weeks ago Apple reached an agreement to lease the nearly 300,000 sq ft "101 Tech Campus" at 2325 Orchard Parkway which is almost next door to the land it's now bought. The new site is approved for up to 2.8 million sq ft of office space. That's about the same size as the huge Apple Campus 2 being constructed in Cupertino. However, Lowe Enterprises had been marketing plans designed by Gensler to build a 1.8 million sq ft urban-style campus. It's unclear if Apple is interested in those plans or whether it intends to design a new campus of its own design.
Sources say that Apple has been in the market for heavy R&D and industrial space. Perhaps the location could be used to advance its rumored self-driving electric car project.
Neither Lowe or Apple has commented on the sale as of yet. Please follow iClarified on Twitter, Facebook, Google+, or RSS for updates.