Hunter Storm, J.P. Morgan & Sares Regis Group of Northern California Close Escrow on Sunnyvale Town Center
(EDITOR’S NOTE: According to public records, the transaction closed for $100 million on September 28, 2016.)
Sunnyvale, CA – September 28, 2016 – 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, has closed escrow on Sunnyvale Town Center, the 36-acre mixed-use project that has been sitting unfinished since 2009. Wells Fargo was the seller and the purchase price was not disclosed. Sares Regis Group of Northern California (SRGNC) and Hunter Storm are successful developers of Silicon Valley transit-oriented mixed-use projects.[contextly_sidebar id=”bzo9EbVwNa8eYDRsxgGUPMjYj8YY8lhs”]“Sunnyvale Town Center is of primary importance to the residents, businesses, and the City of Sunnyvale,” said Deke Hunter, Managing Member of Hunter Storm. “Our first tasks will include completing the mixed use retail, upgrading the infrastructure and preparing Redwood Square for future development.”
The joint venture acquired rights to purchase the property in late 2015. Since then, they have been working with the Seller and the City to determine the best path to stabilize the partially complete 198 residential units and the retail components of the project.
“The City of Sunnyvale’s City Council and city manager, Deanna J. Santana, have been instrumental in helping us get to this point so we can begin the long delayed process of redeveloping this significant heart of downtown Sunnyvale,” said Dave Hopkins, senior vice president for SRGNC. “We look forward to working with the City, Downtown Sunnyvale businesses, and adjacent property owners to see that downtown Sunnyvale reaches its full potential.”
The buyer’s first priority will be complete the residential units as a sophisticated, first class apartment community that will meet the needs of Sunnyvale residents seeking housing in a central downtown location near retail, transit and employment. Demolition of Redwood Square is scheduled to commence this fall. Work begins on finishing out the 198 residential units next month.
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.
About J.P. Morgan Asset Management – Global Real Assets
J.P. Morgan Asset Management – Global Real Assets has more than $95 billion in assets under management and more than 400 professionals in 19 offices throughout the Americas, Europe and Asia Pacific, as of June 30, 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