GPR Ventures has completed the purchase of two retail buildings with a combined square footage of 19,957 in Mountain View, California. One building, located at 700 W. El Camino Real, is completely leased out to California Bank & Trust. The second retail building, located at 903 Castro Street, is currently vacant. These properties, which each closed escrow on Nov., 24, 2021, mark the 34th and 35th overall acquisitions for the firm.
These properties form part of the broader Castro Street Development Project, which will provide 139 new condominiums, including units earmarked for affordable housing, in the area that currently has limited residential options. There are also plans to replace a nearby small park with a larger public park.
TWEET THIS: GPR Ventures completes purchase of two Mountain View retail properties The company’s Castro Street Development Project aims to bring 140 new condominiums to the heart of Silicon Valley
“GPR Ventures is committed to expanding its presence throughout the West Coast, including the Silicon Valley,” said GPR Ventures co-founder and Managing Principal Glen Yonekura. “With its prime location and pedestrian appeal, Castro connects to a wide variety of services without the burden of increased parking and traffic, delivering an additional benefit of reduced carbon emissions. This project is environmentally conscious at its core, offering sustainable design and public parking. Castro provides convenient and walkable access to various amenities, retail, restaurants, and short commutes to some of the world’s largest companies such as Google, Apple and eBay.”
Keon Vossoughi and Dave Taxin of Meacham/Oppenheimer helped broker the purchase of both buildings.
Property Features + Benefits
GPR Ventures plans to build commercial space on the first floor with residential units above. They are also proposing to create a rooftop deck with a pool, right at the entrance of downtown Mountain View. Additionally, there are plans to build two levels of underground parking. One of the unique components to this development is the proposal to relocate and increase the size of a city park. With the new mixed-use development including a new city park, GPR hopes to revitalize the gateway into Downtown Mountain View.
For more information on GPR Ventures and its complete portfolio, visit https://www.gprventures.com/.