[IMGCAP(1)]
PALO ALTO, CA-Los Angeles-based Canyon Capital Realty Advisors has provided a loan to College Terrace Centre LLC to construct an, the College Terrace Centre. College Terrace is a two and three story class A steel framed development with underground parking, located on 1.4 acres fronted by El Camino Real in Palo Alto, just one block from the Stanford University campus and Stanford Research Park.
Upon completion, College Terrace will feature a neighborhood grocery store, an open-air market area and retail shops, office space, a freestanding residential building comprised of eight units and ample on-site parking. The project will be developed by Twenty-One Hundred Ventures, a development team based in Redwood City, California.
Shawn-Patrick Smailey, principal at TOHV, tells GlobeSt.com that the project will cost $30 million to construct.
[IMGCAP(2)]
“College Terrace presents a unique opportunity for Canyon Realty to invest in one of the most coveted addresses in the Bay Area,” says Marti Page, director at Canyon Realty. “The development's proximity to Stanford University and the Stanford Research Park provides a dynamic environment for prospective retailers and office users.”
Palo Alto and its surrounding submarkets constitute the heart of the internationally renowned Silicon Valley, one of the most affluent, well-educated markets in the world, and home to technology leaders including Google, Apple, Facebook, Cisco, Yahoo! and LinkedIn. College Terrace sits in a prime location just four blocks from the popular Page Mill Road and Sand Hill Road, home to a number of prominent employers' headquarters, including Hewlett Packard, Tesla Motors, and numerous high-profile venture capital and law firms.
[IMGCAP(3)]
College Terrace is bound on the immediate south by Stanford Research Park and on the immediate north by Stanford University and Medical Center, making it a convenient location for students at the University and professionals in the surrounding areas.
In addition to having 7,000 square feet of retail space, 45,000 square feet of office space, 9,000 square feet of grocer space, eight below market rate apartments, and 218 subgrade parking spaces, College Terrace has 300 feet of El Camino Real frontage, which generates a traffic count of over 52,000 cars per day. The site offers easy access to both Highways 101 and 280, and is also proximate to the California Avenue Caltrain station that provides transportation into San Francisco.
Slated to begin construction in spring 2014 with a delivery date of August, 2015, the project has assembled an experienced team to complete the development, including Blach Construction, a local contractor headquartered in Santa Clara, CA with an extensive track record in the Bay Area, and Carrasco & Associates, an experienced architect with a long list of Palo Alto projects.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
