Silicon Valley's Pruneyard Back on the Market

It must be a tech boom -- key property on sale for first time in 15 years

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    NEWSLETTERS

    The landmark South Bay development, 27 acres of retail, office and hotel space in Campbell, is back on the market for the first time since 1999. Scott Budman reports. (Published Friday, May 23, 2014)

    Here's something you don't see every day: The Pruneyard is for sale.

    The landmark South Bay development, 27 acres of retail, office and hotel space in Campbell, is back on the market for the first time since 1999.

    The property, described as a "proto-Santana Row," is one of the most successful mixed-use sites in the South Bay, according to the Silicon Valley Business Journal, with a 18-story office tower, a 171-room hotel, and plenty of places to shop.

    So what's something like that worth?

    Equity Office, which is marketing the property, declined to comment, but local officials and real estate watchers are sure of one thing: it's going to be a lot.

    The property, built in the early 1970s, might need some TLC: It's 45 years old and "no spring chicken," the newspaper reported. But it's almost fully leased, with landmark tenants including a Trader Joe's.

    Campbell Mayor Rich Waterman said the city hopes any sale of the Pruneyard would keep it as one entity. He said he looks forward to more growth in the area.

    Lincoln Court in Campbell recently sold for $335 per square foot -- or $41 million. With over 600,000 square feet at the Pruneyard, you do the math.