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Ready for a Remake, Serra Center Fetches $44M

MILPITAS, CA-The new owner plans to level part of the site and redevelop it into a mixed-use project consisting of about 375 luxury condos and 135,000 sf of for-sale retail shops.

By Brian K. Miller | Updated on February 04, 2008

MILPITAS, CA-Lap Tang Development Co., a San Jose-based developer, has paid $43.9 million for Serra Center, a 16.4-acre mixed-use center here that it plans to partially raze and redevelop with 375 luxury condos and 135,000 sf of for-sale retail shops. The seller was the Piedmont-based Donovan Trust.

Serra Center sits at the confluence of Interstate 880 and Highway 237 in the heart of the Silicon Valley. The center consists of a retail strip center; two free-standing restaurants including a Chili’s; two hotels (Days Inn, Travelodge); a Walgreens; and three undeveloped parcels. Other tenants include Denny’s and Big Lots.

The redevelopment will occur on the easterly 10 acres of the site, which was rezoned from the office overlay of the Redevelopment Agency Midtown Specific Plan to a mixed-use approach. The area can support several hundred thousand square feet of development, says Mike Federle with Grubb & Ellis in San Francisco, who had the disposition assignment for the Trust along with fellow G&E brokers Nicholas Bicardo and Colin Federle. Brian Phumg of AMB Commercial Brokerage represented the buyer.

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