Search
 

Key Milpitas Property Comes to Market

MILPITAS, CA-The 16-acre Serra Shopping Center, which has big redevelopment potential as one of two "gateway" properties in this city's Midtown Specific Plan, has drawn significant interest.

By Brian K. Miller | Updated on September 23, 2007

MILPITAS, CA-A lot of buyers are interested in Serra Center, a 16-acre shopping center with significant redevelopment potential at the confluence of Interstate 880 and Highway 237 in the heart of the Silicon Valley. Consisting of a retail strip center, two free-standing restaurants including a Chili’s, two hotels, a Walgreens, three undeveloped parcels and 10 acres primed for redevelopment, the offering has prompted the signing of nearly 150 confidentiality agreements.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.