September 30, 2016
The unfinished portions of Sunnyvale Town Center have been acquired for $100 million by a joint venture comprised of San Mateo, CA-based Sares Regis Group of Northern California, J. P. Morgan Asset Management Fund, and Cupertino, CA-based Hunter Properties, Inc.
The long-stalled 36-acre mixed-use property in historic downtown Sunnyvale was transferred from Wells Fargo, which assumed control in 2009, after winning a legal battle with the original developer.
The acquisition encompasses nearly the entire partially-completed Town Center property. Sand Hill Property Co. continues to own a parcel currently occupied by Macy’s.
The first phase of construction, in an expected two-year redevelopment process, involves the completion of 198 partially-built multifamily units, as well as retail space below the units. Steel framework will be demolished for the 200,000-square-foot Redwood Square, a planned central retail plaza.
For comments, questions or concerns, please contact Dennis Kaiser
Tags: acquisition, construction, development, hunter properties, J.P. Morgan, mixed-use, multifamily, redevelopment, retail, Sand Hill Property Co., Sares-Regis, silicon valley, Sunnyvale Town Center, wells fargo