3.8-Acre Redevelopment Site Listed for Sale in Santa Clara

Santa Clara, Bay Area, Z&L Properties, Hudson Pacific Properties, CBRE, Mission Community College, Santa Clara University, Apple, Meta, Google, San Francisco Public Utilities Commission, Calabazas Creek

By Kate Snyder

As Santa Clara focuses on bringing more housing to the city, a residential development site within its Patrick Henry Drive Specific Plan is for sale. The property consists of a 70,520 square foot building on a 3.8-acre site in the city’s north end, according to marketing information from CBRE, which is the exclusive listing agent. 

A representative from CBRE would not release guidance pricing for the property. However, the property’s last recorded sale in public documents was for $19 million, or approximately $269 per square foot, in 2016. The seller in that transaction was an entity affiliated with Hudson Pacific Properties, and the buyer was an entity affiliated with Z&L Properties.

Located at 3055 Patrick Henry Drive, the two-story building was constructed in 1981 and has a parking lot with 240 vehicle stalls. The structure’s first floor is approximately 55,000 square feet and its second floor is about 15,520 square feet. The building’s infrastructure includes wet labs and shipping and receiving areas, according to the marketing information. 

The property is located in an area that the city has designated as the Patrick Henry Drive Specific Plan, which is designed to provide land areas for the construction, use and occupancy of mixed-use projects and multifamily developments in order to help address the state’s housing shortage. According to the City of Santa Clara’s website, The Patrick Henry Drive Specific Plan planning area encompasses approximately 74 acres of land bounded by Calabazas Creek, Mission Community College, the Great America Parkway and the San Francisco Public Utilities Commission right of way. Santa Clara University as well as businesses such as Apple, Meta and Google are also near the site.

“This property constitutes a rare development site within the Patrick Henry Specific Plan ideally offering future residents an urban lifestyle near transit, freeways, trails and jobs,” the marketing brochure states. It is the intent of this zone to encourage development to use innovative site planning, provide on-site recreational amenities and be located near major community facilities, business centers, transportation corridors and/or major thoroughfares.”

West Coast Commercial Real Estate News