San Jose, Calif. – SRS Real Estate Partners announced today that Summerhill Homes sold a 2-acre vacant parcel in downtown Sunnyvale, Calif. to T2 Development, which has secured approval to develop a Courtyard by Marriott hotel at the site. Located at a former auto dealership at 660 W. El Camino Real, Courtyard by Marriott will offer convenient hotel accommodations for those visiting nearby technology companies and other businesses. T2 Development plans to complete development of the 4-level, 145-room hotel in 2014.
“We were glad to be able to bring Summerhill Homes, T2Development, and the City of Sunnyvale together. This is a win-win for everyone involved, but particularly for the surrounding community, which gets a name-brand hotel bringing key amenities and much-appreciated tax revenue to the city,” concurred Randol Mackley and Bruce Frazer, both senior vice presidents with SRS Real Estate Partners, who represented the seller and buyer in the sales transaction.
The seller, Summerhill homes, is the homebuilding division of Marcus & Millichap Company. The buyer, T2 Development LLC, specializes in hotel investment, development and management services.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in the U.S. exclusively dedicated to retail services. Headquartered in Dallas with more than 20 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, investment services and management services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit www.srsre.com/sfbayarea.