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Sand Hill Property Pays $40M for Macy's

Menlo Park-based Sand Hill Property Co just went on a shopping spree, paying $40M for the Macy's department store at 200 W. Washington in Sunnyvale Town Center, the Silicon Valley Business Journal reports. Macy's had owned the 177k SF store and will continue to operate under a leaseback agreement with Sand Hill. Wells Fargo foreclosed on most of the Town Center in 2011 after Rreef Real Estate, Sand Hill's financial partner on the project, allegedly walked away. (The Macy's site is one of two Town Center parcels not under Wells Fargo control.) Sand Hill has been working to regain ownership to finish the project.