The JV of PCCP and Hunter Properties acquired a leasehold interest in fully occupied retail buildings totaling 98k SF on 10 acres and fee simple interest on two additional acres.
The land for the ground lease is owned by the Roman Catholic Diocese of San Jose, and the City of Sunnyvale may want the property redeveloped into a mixed-use project in the future.
PCCP and Hunter Properties plan to explore redevelopment options during the coming years, says PCCP partner Jim Galovan. There are a number of options, including being held for cash flow, renovated or redeveloped, for the property, which is in a strong location at the busy intersection of El Camino Real.
