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TA Realty buys large Safeway store, three other retail buildings in Mountain View mixed-use complex for $77M
The deal comes about five months after two office buildings, a movie theater and a standalone parking garage within the complex sold for $630 million
TA Realty bought a large Safeway grocery store and a trio of retail buildings within the Village at San Antonio Center in Mountain View, the latest real estate investor to grab a piece of the Silicon Valley mixed-use complex.
In a deal that closed Tuesday, Boston-based TA Realty paid $77.1 million, or about $845 a square foot, to acquire the 65,000-square-foot Safeway and three standalone retail buildings at the corner of El Camino Real and San Antonio Road. Several restaurants and retailers occupy the three buildings, which collectively offer 26,200 square feet of space, including burger restaurant The Counter; Fidelity Investments; T-Mobile; a Jared jewelry store; Mizu Sushi Bar & Grill; and SAJJ Mediterranean.
The seller was Merlone Geier Partners, the developer of the Safeway store and the three adjacent retail properties, according to Mountain View city records and documents filed with the Santa Clara County Clerk-Recorder’s Office. All of those structures were completed in 2013, according to data from commercial real estate analytics firm Reonomy. Not included in the deal was the Village at San Antonio Center’s 167-room Hyatt Centric hotel, which is a three-minute walk to the north from the Safeway, and a 330-unit apartment complex located next door to the grocery store.
The deal comes about five months after four other buildings within the center changed hands, albeit for a significantly higher price. At the end of March, Brookfield Properties paid $630 million to purchase a pair of office buildings occupied by Facebook Inc., a ShowPlace Icon movie theater and a seven-level parking garage. Facebook is reportedly subleasing all the space in both office buildings — which collectively total nearly 457,000 square feet — from co-working company WeWork through 2034. The seller in that transaction was also Merlone Geier, which developed all the buildings Brookfield acquired.
Representatives of Merlone Geier Partners didn’t immediately respond to a request for comment. A representative of TA Realty couldn’t immediately fulfill a request for comment by press time.