Mountain View residential site nets Miramar $22M profit after four years

The site of what’s slated to be the first housing project in Mountain View’s office-heavy East Whisman neighborhood changed hands for about $53 million, netting Miramar Capital a profit of almost $22 million in less than five years.

Miramar sold the 2.5-acre site to 400 Logue Owner LLC, a foreign limited liability company incorporated in Irvine, California named after its address, The Registry said. The deal was recorded with the Santa Clara County Clerk-Recorder’s Office on Jan. 28. The Los Angeles company bought the property at 400 Logue Avenue for $31 million in 2017, the news outlet said.

The site has a vacant research building of about 42,000 square feet that was last occupied by Quotient Technology, which recently moved to Utah from Silicon Valley, the Silicon Valley Business Journal reported. The Mountain View City Council last year approved Miramar’s proposal to demolish the property and build an eight-story, 408-unit apartment structure. It’s expected to be the first housing project completed in the East Whisman area, although Miramar didn’t apply for grading, demolition or building permits before selling the site, according to the Mountain View Voice and the city’s online permit center.

The Logue Avenue property is also at the geographic center of Google’s Middlefield Park project, although it’s not part of the proposed development. The company aims to build more than 1 million square feet of offices, almost 1,700 homes and room for shops and restaurants in the East Whisman area, the Business Journal said. The city’s development review committee is set to examine the project’s architecture and site design and provide Google with comments on both at its Feb. 16 meeting.

[The Registry] — Matthew Niksa

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