The listing broker, Mike Federle of Grub & Ellis, tells GlobeSt.com that the easterly 10 acres of the site has been rezoned for office and could support some 600,000 sf of development. Given its location at the center of some 250 million sf of R&D and office parks, the site also has potential for a higher-density mixed-use development, a scale model of Santana Row, perhaps.

"The ownership has not been actively leasing the center in order to keep its options open with regard to redevelopment," Federle says. "The center is 60% vacant but could be leased up very quickly because there is no vacancy in the market."

Whether the new owner comes in wanting to add apartments, office, more retail or a combination of the three, it should meet with support from city officials, who have the property listed as a "gateway" site in its Midtown Specific Plan. "The City of Milpitas is very interested in seeing the Serra Shopping Center," Federle says. "(They) will work closely with the sponsors to attain a viable result."