Palo Alto structures, together with iconic dive bar site, land prospective buyers
PALO ALTO — Two structures in Palo Alto’s bustling California Avenue district — which includes the internet site of an iconic but now permanently closed dive bar and restaurant — have been acquired by area genuine estate buyers.
The attributes are the web page of Antonio’s Nut Dwelling at 321 California Ave. and an business office building at 445 Sherman Ave., which is all around the corner from the defunct cafe and bar, in accordance to home paperwork submitted with the Santa Clara County Recorder’s Business office on June 3.
The offers show that prospective buyers are drawn to option assets marketplaces this sort of as Palo Alto and other areas in Silicon Valley exactly where the economic system is envisioned to bounce back again in a massive way in the wake of the coronavirus.
The purchasers, in different transactions on June 3, expended a merged $38.2 million for the attributes in the California Avenue community.
California Avenue is a busy and common community that correctly serves as one particular of Palo Alto’s two downtown districts. Dotted with places to eat, nightspots, and outlets, California Avenue is the two a area and regional spot.
In the new Palo Alto property purchases:
— Edward Storm, a veteran real estate developer and investor based in Cupertino, acting as a result of an affiliate, bought the property at 321 California where by Antonio’s Nut Property experienced operated for at the very least 4 a long time. 321 California LLC, a Storm affiliate, paid $4.4 million for the property.
— Bay Area Industrial, a Palo Alto-dependent true estate firm headed by Anders Holvick-Thomas and Debra Jean Holvick, acting by two affiliate marketers, compensated $33.8 million for the 445 Sherman office building. The two-story Sherman Avenue setting up totals 23,200 square feet. Xage Safety, a software package business, is a tenant in this building.
The acquire of the business developing on Sherman Avenue was finished by Bay Area Industrial in the wake of the company’s new sale of two workplace and analysis buildings in Palo Alto.
In the prior deal, concluded on May well 26, Bay Region Industrial’s affiliates sold for $31.8 million two buildings in Palo Alto to Graymark Cash.
For decades, Antonio’s Nut Residence experienced operated effectively in Palo Alto and was a mainstay in the community.
But the establishment was forced to close its doorways at 321 California Ave. amid huge-ranging business shutdowns that governing administration officers ordered to battle the spread of the coronavirus.
The restaurant and dive bar reopened briefly in July 2020, but in August 2020 introduced it would near its doors permanently. It also scheduled an auction in March 2021 of the memorabilia in the establishment.
“Antonio’s will be closing,” the bar and cafe introduced on Aug. 20 in a Fb post. “The parking good deal construction, pandemic, heatwave, and fires have left us in a struggle.”
