SAN JOSE, CA – Cupertino-based developer Hunter Properties has achieved an incredible collection of six milestones in the final days of October across four Silicon Valley development projects—the culmination of many years of real estate development investment and planning and an accomplishment which any much larger real estate developer would be proud. The pinnacle of the firm’s achievements was the sale of Phase I of Coleman Highline, a 1.75M-square-foot, mixed-use campus in San Jose that will total eight office buildings, four amenity buildings, a hotel, and retail space. For $275M, Blackstone Real Estate Income Trust purchased Phase I of the project, comprising two office buildings totaling approximately 360,000 square feet that are fully leased to Roku for its world headquarters, an amenities building, and a parking structure.
Also at Coleman Highline, Hunter Properties signed a construction contract for all of the tenant improvements for Verizon. The contract with Devcon Construction, Inc. is anticipated to take 12 months and will allow Verizon to take possession of the property in Q4 of 2021. The Verizon tech hub will support more than 3,000 employees and include a 2,250-square-foot welcome pavilion and over 45,000 square feet of workplace amenities such as a fitness center, a café, and a marketplace. Verizon Media will occupy 640,000 of the total 1.75M square feet that comprise Coleman Highline campus. Roku, Inc. leased nearly 800,000 square feet of the project for its new corporate headquarters. The overall Coleman Highline project is being built in phases and will include 115,000 square feet of amenities and retail space, including a public market and hotel with 175 rooms next to nearby Earthquakes Stadium.
At Hunter Properties’ Gateway Crossings, a massive, mixed-use, transit-oriented development directly adjacent to Coleman Highline, the firm executed a long-term ground lease with Vancouver, Washington-based Holland Partner Group to build 725 apartments. This lease includes the entire Phase 1 of the project and all the offsite improvements required by the City, including a new signalized intersection at the Costco entrance on Brokaw Road. This lease marks the launch of a dynamic transit village next to the San Jose International Airport and the Santa Clara Transit Center that is currently served by Caltrain, Altamont Corridor Express (ACE), and Valley Transit Authority (VTA) and will be adjacent to the future site of the new southern terminus BART station. When built out, Gateway Crossings will offer 1,565 homes in addition to a hotel with 225 rooms, two parks with 2.5 acres of public space, and 45,000 square feet of retail.
At the CityLine Sunnyvale project, a joint venture with Sares Regis Group of Northern California, Hunter Properties’ recently completed Phase I of its retail plan with the opening of a new, 52,000-square-foot Whole Foods Market and 52,000-square-foot AMC DINE-IN Sunnyvale 12 theatres located in a new, two-story building in the heart of downtown Sunnyvale. The approved masterplan for the project calls for a buildout of 792 residences and 653,000 square feet of office above 182,000 square feet of ground-level retail, while 198 new apartments and hundreds of thousands of square feet of new, leased retail space have already been delivered across CityLine Sunnyvale’s 36 acres. An additional 75 residences and retail tenant improvements remain under construction.
At Evergreen Plaza in San Jose, a 152,000-square-foot Costco Business Center warehouse opened on October 30th. The warehouse is part of an 80-acre community being developed by Hunter Properties and Arcadia Development that includes 250homes, 405,000 square feet of retail, a retail paseo, a 40,000-square-foot health center, a 14-acre softball athletic complex, and pocket parks.
“It is hard to convey how much work and energy went into each and every one of these deals,” says Deke Hunter, CEO of Hunter Properties. “To have them all finalized in 48 hours is a combination of serendipity and commitment. Our staff, financial partners, city and county staff, contractors, and tenants have been stellar in assisting our team bring these tremendous accomplishments to fruition.”
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 focus 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, and Gateway Crossings, a 1,565-unit apartment complex in Santa Clara that was fully entitled in 2019.