SUNNYVALE, CA – February 23, 2017 – STC Venture, LLC, a joint venture of affiliates of Hunter Storm, Sares Regis Group of Northern California, and institutional investors advised by J.P. Morgan Asset Management, have announced that Whole Foods Market has signed a lease for a new grocery store located in the heart of downtown Sunnyvale. Whole Foods will be a major anchor for the other residences, shopping, entertainment, and offices that comprise what was formerly known as Sunnyvale Town Center project.
The street-level grocery store will consist of 52,000 square feet of retail, including a full café. The project is scheduled to break ground later this year, and will open early 2019. STC Ventures was represented by James Chung of Cushman & Wakefield while Whole Foods was represented by Matt Holmes of Retail West in the transaction.
“Whole Foods will be a terrific addition to the amenities our community already enjoys in Sunnyvale’s vibrant downtown,” says Glenn Hendricks, Mayor of the City of Sunnyvale. “The Town Center is obviously a highly desirable location for businesses and residents, and we are thrilled with STC’s rapid progress toward bringing the project to completion.”
Elsewhere in the 36-acre, mixed-use development acquired by STC Venture, LLC last year, construction is already underway. Sares Regis Group of Northern California is currently working to bring 198 residential apartments and 116,000 square feet of future retail and restaurant space to market in 2018. The site is within a 10-minute walk to the Sunnyvale Caltrain station.
“We are excited about restarting the redevelopment of the retail hub of downtown Sunnyvale to build an experiential shopping district to serve Peninsula and South Bay regional shoppers,” says Deke Hunter, President of Hunter Storm. “We have exciting plans that will blend well with the downtown merchant areas and enhance the district to benefit everyone.”
Other public improvements in the works for downtown Sunnyvale by STC Venture, LLC include the reopening of Redwood Square for public use this spring, the installation of new traffic signals, and the construction of landscaped medians.
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.
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 J.P. Morgan Asset Management – Global Real Assets
J.P. Morgan Asset Management – Global Real Assets has more than $96 billion in assets under management and more than 400 professionals in 20 offices throughout the Americas, Europe and Asia Pacific, as of December 31, 2016. With a 45-plus year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure and transportation strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions. For more information: jpmorgan.com/institutional/global_real_assets