Los Gatos in many ways is a community on the fringe of Silicon Valley. It’s also relatively small, so commercial real estate transactions are rare in this city. However, this week, a popular mixed-use property traded hands. Lyndon Plaza, located at 20 S. Santa Cruz Ave. was purchased for $20.8 million, or around $470 per square foot, according to a report by the San Jose Mercury News.
The roughly 44,000 square foot property is situated in the commercial district of the city along Santa Cruz Avenue. This street runs through the heart of the city and features most of the relevant retail businesses in Los Gatos. The property itself features Willow Street Pizza, Main Street Burgers and Taba Taba China Bistro, according to a Cushman & Wakefield marketing document.
The property was developed in 1979 and is 3 stories tall, according to public documents. The seller of the property is an entity associated with Mike Cobler, a fast food eatery restauranteur based in Campbell.
The buyer, Sridhar Equities is a Los Gatos-based commercial real estate investment firm focused on high-demand locations within the San Francisco Bay Area and Los Angeles County markets, according to the company’s website. The firm specializes in deals ranging from $1 million—$35 million and invests in properties that are in the multifamily, office, retail and industrial sectors. At this time, it is not clear what, if any, updates to the property are planned by the new ownership.
Deals in Los Gatos are not frequent, and city’s main employer is Netflix, where the company is headquartered. In April of 2021, Walnut Creek-based Nearon Enterprises sold two buildings in Los Gatos to South Bay Development for $26.2 million, or just around $455 per square foot. The properties are located at 475 and 485 Alberto Way. The two buildings are around 28,000 square feet and were built in 1984, according to public documents.