BIG Property Ventures Buys Palo Alto Property for $17.2MM

Palo Alto, Silicon Valley, Baskin Investment Group, Rapp Development, Decker Oaks, Menlo Park

By Vladimir Bosanac

Properties in downtown Palo Alto rarely hit the market, so when one becomes available, it is likely that on a per square foot basis, the price will beat most other Silicon Valley submarkets. In a recent transaction that closed earlier this year, an entity associated with Baskin Investment Group, BIG Property Ventures LLC, acquired the 14,400 square foot property for $17.2 million, or $1,196 per square foot, according to sources with direct knowledge of the transaction details. The seller of the 1935 vintage building was an entity associated with Palo Alto-based Rapp Development.

The property is located at 384 University Ave., on the corner of University Avenue and Waverly Street. It is also known as the Decker Oaks building, and it is a three-story historical property that was renovated in 1983. The ground floor of the building is occupied by two retail operations: women’s clothing store Chico’s and a stationery store Letter Perfect.

BIG Property Ventures LLC is affiliated with members of Baskin Investment Group and owned by Bryan Baskin, Michael Santullo and Brooks Baskin. Baskin Investment Group is a Bay Area private investment specializing in the acquisition, development, repositioning and management of unique properties in the San Francisco Bay Area, according to the company’s website. Baskin boasts full-service capabilities with in-house property management and construction teams.

The seller, Palo Alto-based Rapp Development, is a prolific investor in the downtown core of the city, and the company owns several properties up and down University Avenue, the main thoroughfare of the city and the surrounding streets. The company also owns a number of properties in Menlo Park.

Two recent Palo Alto trades exemplify the types of commercial property sales in the city. One was a sale of a 15,599 square-foot property located at 431 Waverley St., just several doors down the street from this most recent sale. That property is home to American Express Ventures. The building, along with another property on the parcel sold this spring for $36 million.

The seller of the parcel, according to public documents, is an entity associated with Palo Alto-based Windy Hill Property Ventures. The buyers are two LLCs associated with Menlo Park-based Tito Jacob Bianchi.

In February of 2022, Walnut Hill Capital paid $53.9 million, or about $1,557 per square foot, to acquire the 34,600-square-foot 379 Lytton Ave. in Palo Alto from an entity associated with Doris Davis.

West Coast Commercial Real Estate News