12122017Tue
Last updateWed, 06 Dec 2017 2pm

Business & Real Estate

Mtn. View's World Savings Plaza on the market

World Savings Plaza, the Mountain View shopping center at the intersection of San Antonio Road and El Camino Real anchored by Sprouts Farmers Market, is up for sale.

Marcus & Millichap will serve as exclusive adviser for the sale of the 2.8-acre, 34,700-square-foot center, which houses a mix of national retailers and local tenants.

“This is an opportunity for an investor to acquire an exceptional site in one of the most desirable markets in Northern California,” said Kirk Trammell, senior managing director of investments in Marcus & Millichap’s Palo Alto office. “The property is the gateway to Mountain View from the adjacent cities of Los Altos and Palo Alto.”

According to Trammell, the center currently produces a stable income stream, with “tremendous upside” to be gained by redeveloping the site with a residential, commercial or mixed-use project.

Trammell and senior associates David Cutler and Joshua Johnson are representing the seller, a partnership that has owned the site for nearly 30 years.

“More than 2,100 residential units and 1.1 million square feet of new commercial space are in the planning stages or are already under construction in the neighborhood,” Cutler said. “The neighborhood is rapidly transforming into an urban village that will offer residents a place to work, shop, eat and play, all within a short walking distance.”

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