Toll Brothers Acquires 21,780 SQFT Retail Site Slated for Residential Development for $16.5MM in Santa Clara

By Kate Snyder

Santa Clara continues to be a place of interest for investors. One recent transaction involved a shopping center that traded hands for $16.5 million, or approximately $757 per square foot, according to a report from The Mercury News. The buyer was an entity affiliated with Toll Brothers. Property records show the previous owner was an entity affiliated with Bowers Plaza Gp. The sale was recorded on Feb. 14.

Bowers Plaza, at 3155 El Camino Real, totals approximately 21,780 square feet and sits on 2.5 acres, city records show. Located on the west side of the city, the site is surrounded by both commercial and residential uses, including the Carriage House Apartments, Firestone Complete Auto Care and Century Automotive.

The site is also the location of a planned housing development, according to city records. The project developer is Bayview Development Group and the proposal includes the construction of a 60-unit development that would include a mix of townhomes and flats. The project would also include 110 parking stalls. The proposal is currently under review by the city.

Toll Brothers was founded in 1967 and is a luxury home builder, according to the company’s website. The firm currently builds in 24 states nationwide and has been involved in several projects in the Bay Area.

Santa Clara has seen a number of real estate transactions in the past few months.

Last year, Pacific Urban purchased a 110-unit apartment building in Santa Clara for $50.7 million, or about $460,909 per unit, according to The Registry’s previous reporting. The seller in the transaction was Prometheus Real Estate Group. Located at 3760 and 3765 Tamarack Lane, Montecito Apartments was built in 1970 and includes a mix of one- and two-bedroom units.

In a separate deal, a 92-unit apartment complex in the city was sold for $53 million, approximately $576,086 per unit. The seller was USA Properties Fund and the buyer was listed as an entity affiliated with Zurich Alternative Asset Management. That property is located at 190 N. Winchester Blvd.

West Coast Commercial Real Estate News