(EDITOR’S NOTE: According to public records, the transaction closed for $95 million.)
Purchase Enhances Opportunity to Design Cohesive Plan for Downtown Sunnyvale
CityLine Sunnyvale has acquired the 177,000 square-foot Macy’s building in downtown Sunnyvale from Sand Hill Properties. The purchase by STC Venture, LLC, a joint venture between affiliates of Hunter Storm and Sares Regis Group of Northern California (SRGNC), is a major step in broadening the ownership of a key area in the multi-phase CityLine Sunnyvale project. STC Venture is working to create a master-planned, cohesive, pedestrian-oriented, mixed-use district that will feature new residences, shopping, entertainment options, and office space planned across 36 acres.
“This acquisition gives us more options to develop a well-coordinated, coherent plan to build upon Murphy Avenue and provide a wonderful, active environment for current and future retail owners, residents, and office tenants,” says David N.P. Hopkins, Chief Operating Officer at SRGNC.
“We’re excited and confident that this additional retail and multi-use space will help us develop a better Downtown Specific Plan for CityLine Sunnyvale,” says Deke Hunter, President of Hunter Storm. “We will continue to work closely with the City and all other stakeholders to move the planning process forward.”
Elsewhere in downtown Sunnyvale, construction is nearly complete on The Flats, a 198-residence development located in three buildings along Washington and McKinley Avenues. Scheduled to be delivered in the Fall of 2018 as the first completed homes within the CityLine Sunnyvale project, The Flats will offer 25 residences designated as affordable. The Flats leasing office, opening August 2018, will be located at the corner of Washington and Taaffe Avenues.
Construction has also begun on a two-story building on the corner of Murphy and McKinley Avenues that will house a Whole Foods Market and an AMC Theaters. Scheduled to open in 2019, the 52,000-square-foot theater and 52,000-square-foot grocery store will anchor the downtown district and help attract additional appealing retail and restaurant tenants to the area. Twenty million dollars of public improvements are currently under construction for CityLine Sunnyvale, including the addition of landscaping and street trees, the installation of new traffic signals, and the construction of landscaped medians.
CityLine Sunnyvale was acquired by STC Venture in late 2015.
ABOUT SARES REGIS GROUP OF NORTHERN CALIFORNIA
Sares Regis Group of Northern California and its affiliates, Regis Homes Bay Area and Regis Contractors Bay Area, are regional companies based in San Mateo, California.
As leading developers and managers of commercial and residential real estate in the western United States, the companies have more than 6.5 million square feet of commercial properties valued at $500 million and over 2,800 residential units under development. Since its inception, the company has acquired or developed approximately 46 million square feet of commercial properties and 20,000 multifamily and residential housing units. For more information, please visit: www.SRGNC.com.
ABOUT HUNTER STORM
Hunter Storm, the development arm of Hunter Properties, is a commercial real estate development firm with an emphasis on ground-up construction, repositioning of assets, and value-add improvements. Hunter Properties was founded in 1960 and the current partners, Deke Hunter and Edward Storm formed Hunter Storm in 1986, with Curtis Leigh joining the team in 2004. The company enjoys a strong track record by focusing its efforts locally with all major projects located in the San Francisco Bay Area.
This allows the principals to leverage their market knowledge and expertise evenly across three product disciplines. Recent award-winning projects include Crossing 900 in downtown Redwood City, @First in San Jose which is a mixed-use project of over 1 million square feet, Bass Pro at Almaden Ranch and Village Oaks in South San Jose. Current developments include Coleman Highline a transit-oriented development of over 1.5 million square feet across from San Jose International Airport.