Success Stories

At Merlone Geier, we invest in properties with untapped potential and leverage our unique vertically integrated investment and operating platform to develop and grow them into well-managed and successful properties that get ROI for our investors and rave reviews from our tenants.

  • The Village at San Antonio Center – Mountain View, CA

    Overview

    Acquired from a private seller in early 2010, this parcel was the first and largest component of our San Antonio Center investment. In the following years, we acquired and assembled various adjacent land parcels. The original property was a 16-acre parcel with an outdated Sears-anchored community center located within a dense and affluent Silicon Valley submarket. Over the course of 2012-2013, we successfully assembled adjacent land parcels through four separate purchase transactions – the most significant of which was a 4-acre property containing an old retail center anchored by Ross Dress for Less and BevMo. In aggregate, we acquired in excess of 20 acres of land in the heart of Silicon Valley.

    Value-Add

    As the broader economy continued its rebound from the downturn and the local Silicon Valley market began to benefit from a rapid tech industry expansion, we determined that the best use for the property was a multi-phase densification project with a mix of retail, residential, office and hotel space. Merlone Geier developed the residential/retail component through a joint venture with Carmel Partners – an experienced residential developer and investor. We received original entitlement approval in late 2011 – though the project entitlements changed over time as we assembled additional properties and refined the proposed land uses.

    Results

    Today, the first phase of the project contains a 91,000 square foot neighborhood center anchored by a 65,000 square foot Safeway – as well as a mixed-use component comprising 330 luxury apartments situated above 43,000 square feet of additional specialty retail. The second phase of the redevelopment includes 440,000 square feet of class A office space (100% leased), a high-end 10-screen cinema, a boutique Hyatt Centric hotel, 91,000 square feet of additional retail/restaurants, and a nine-level parking structure. Construction of the second phase commenced in mid-2015 and we anticipate project completion by the end of 2018.

     

    Click here for leasing information and a detailed site plan

    The Village at San Antonio Center