Selection downtown Mountain Perspective developing is grabbed by large developer
MOUNTAIN Check out — A option business office and retail constructing in the coronary heart of downtown Mountain Perspective has been purchased by a fast paced Bay Place developer, a reminder that tiny but fast paced downtown districts are drawing investor interest.
Sand Hill Property Co. has purchased a blended-use, a few-story making in downtown Mountain Look at, files submitted on Aug. 6 with the Santa Clara County Recorder’s Office environment demonstrate.
Performing through an affiliate, Sand Hill Home paid out $31.3 million for an business and retail constructing at the corner of California Avenue and Castro Road, the county files exhibit.
The vendor was Peninsula Land & Cash, a Palo Alto-primarily based true estate enhancement and investment decision corporation.
On the identical working day it sold the Mountain View making, Peninsula Land bought two south San Jose business buildings for $63.5 million.
The customer did not promptly answer to a request for a comment about its purchase.
Sand Hill House Co., the buyer, is noteworthy for its involvement in superior-profile jobs in the Bay Location. These include much-achieving revamps of El Paseo de Saratoga browsing middle in San Jose and Vallco Shopping Middle in Cupertino.
In Palo Alto, Sand Hill has encountered achievement in obtaining tenants for several large business office properties in Stanford Exploration Park.
The three-story downtown Mountain View setting up, situated at 800 California St., features Dana Oriental Market place among the its tenants.
Peninsula Land & Money touted the spot in Mountain View’s bustling downtown district.
“Known for its numerous eating possibilities, downtown Mountain Perspective features trendy nearby eateries and cafes nestled amid an eclectic mix of stores and neighborhood amenities,” Peninsula Land mentioned in a article on the LoopNet industrial home web page.
The Mountain View setting up totals 28,000 sq. feet and includes floor-floor retail and cafe areas.
“The region is very walkable, and a Caltrain station is less than a fifty percent-mile away,” the LoopNet listing stated.