Wed04012015

Business & Real Estate

First Street's 'Fort Knox' up for sale


Megan V. Winslow/Town Crier
The Los Altos Vault and Safe Deposit Co. is on the market for $4.5 million. Its fortified steel and concrete structure has been compared to the U.S. Federal Reserve’s gold depository.

A downtown Los Altos structure “built like Fort Knox” is up for sale – with an asking price of $4.5 million.

The Los Altos Vault and Safe Deposit Co. at 121 First St. hit the commercial real estate market March 18. On its website, the company compares the fortified steel and concrete structure to Fort Knox – the U.S. Federal Reserve’s super-secure gold depository in Kentucky. Online real estate listings suggest that the buyer could use the site for housing, a restaurant or a banking service project.

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A summer stock correction

After a four-day losing streak, it was encouraging to see the market move back into positive territory Friday morning. Despite the advance, stocks were still set for a weekly loss.

Of concern to investors are potential interest-rate hikes, declining corporate profits and rising geopolitical tensions in the Far East that have weighed down stocks.

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Business Briefs

The Terraces welcomes new program manager

The Terraces at Los Altos recently named Andrea Margulies program manager for The Grove, the senior living community’s memory support residences.

Using expressive art therapy, Margulies supports older adults with Alzheimer’s disease and other forms of dementia. The Terraces at Los Altos offers music, art and pet therapy.

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Transactions

Los Altos/Los Altos Hills

100 First Street No. 109, Los Altos8 Limited to Hyman Trust for $978,000

100 First Street No. 307, Los Altos8 Limited to Carroll Trust for $1,055,500

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Vintage Bath changes hands as new owners add twist to classic offerings


Alicia Castro/Town Crier
Vintage Bath, the downtown Los Altos showroom, is under new leadership. Taking over are, from left, co-owners Jerry Rudick and Deena Castello and marketing and visual director Alissa McDonald.

Deena Castello – the new curator and co-owner of downtown Los Altos’ Vintage Bath – summed up the recent change of ownership in one word: kismet.

Castello already runs two successful bath showrooms in Southern California. While visiting her hometown of Willow Glen, she stopped by Vintage Bath at 351 Main St. and struck up a conversation with the store’s former owner.

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ClassPass offers new way to exercise


Megan V. Winslow/Town Crier
Carla Hickman leads students in a Jazzercise class at the Los Altos Youth Center. Fitness buffs can use ClassPass to sample Hickman’s class and other local studios for $99 per month.

Two trends are converging in Los Altos this spring: boutique exercise studios and startups that offer a new way to pay – and pay less – for traditional services.

The New York-based startup ClassPass, which launched in the Bay Area late last year, partners with local studios to offer wide-ranging access for a discounted monthly fee – a buffet of boutiques. As of the Town Crier’s press deadline, Los Altos had three participating businesses – Momentum Cycling Studio, some of the Jazzercise classes at the Los Altos Youth Center, and The Dailey Method – and Mountain View another three: Yoga Belly, Serao Academy and Overtime Fitness. Palo Alto and Menlo Park are already dense with options, though even they pale in comparison to some neighborhoods of San Francisco, where studios charging $25 or more per hourlong class seem to be popping up two to a block.

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'March Madness' in markets?

“March Madness” has always intrigued me in basketball, but now the yearly event has made its way to Wall Street, dribbling away investor’s profits.

The Dow Jones industrial average experienced triple-digit swings four of last week’s five trading days. By Monday, however, the market was up more than 180 points in early trading, and investors were shooting threes again.

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