Retail Building Near Silicon Valley Shopping Hubs Sells

A Santa Clara retail property steps from one of the Bay Area’s busiest shopping hubs has been acquired by a local investor.

Wincreek Santa Clara, an LLC managed by The Fox Real Estate and Development Company founder Eric Fox, purchased a nearly 1.5-acre site at 50 North Winchester Boulevard for $11.3 million, the Silicon Valley Business Journal reported, citing a deed filed with Santa Clara County late last month. The seller was not disclosed.

The property sits directly across the street from Westfield Valley Fair and next to Santana Row, placing it in one of Silicon Valley’s most heavily trafficked retail corridors. The site includes two storefront buildings currently leased to Mancini’s Sleep World and Ferguson Home as well as a surface parking lot. The tenants have several years left on their leases, and Wincreek Santa Clara doesn’t plan to redevelop the property.

The new owner stands to benefit from the retail building’s prime location. Valley Fair’s $1.1 billion expansion, completed in early 2020, added 550,000 square feet of retail and dining along with new indoor and outdoor plazas with seating areas.

Federal Realty Investment Trust, the developer of Santana Row, has continued to densify the area surrounding the two adjacent shopping centers with new office and residential projects, including the mixed-use One Santana West complex, completed in 2022.

Work is currently underway for a 258-unit apartment complex at 358 Hatton Street, currently a surface parking lot on the east side of Santana Row, with units expected to open for occupancy next year. That site is across the street from the Misora and Levare residential buildings developed by Federal Realty. Maryland-based Federal Realty sold the 212-unit Misora residences in February to Chicago-based Waterton for $148.5 million, or $700,500 per unit. Levare sold to a Hines affiliate in May for $73.1 million, or $677,000 per unit.

— Chris Malone Méndez