Site near Apple Park spaceship campus lands buyer
A Sunnyvale property that could become a choice redevelopment site across from Apple’s iconic spaceship campus in Cupertino has been bought by a local investment group.
At present, the property is the location of a Vietnamese restaurant, Pho Little Saigon, which totals 6,300 square feet and occupies only a small section of a 1.1acre parcel in Sunnyvale at 855 E. Homestead Road near Wolfe Road.
Yosef Tahbazof and Sufi Hariri Tahbazof, acting through affiliate SST Investments, which is a San Francisco-based development firm, paid $6.4 million for the restaurant site and the land beneath it, according to documents filed with the Santa Clara County Recorder’s Office on June 17.
The purchase was an all-cash transaction, the public records show.
The deal shows how big campuses of tech titans such as Apple can attract the interest of real estate investors. The vast Apple
Park site is about a half-block away.
The buyers might have been seeking to gain control of the land beneath the restaurant.
“The site is being sold for land value,” according to a marketing brochure circulated by Bill Allen, a broker with Marcus & Millichap, a commercial real estate firm.
Although the Vietnamese restaurant is a paying tenant, its lease could be terminated with six months’ notice.
“The offering presents a rare opportunity to acquire an extremely well-located infill development” in Silicon Valley, Marcus & Millichap stated in the marketing package. “A variety of development scenarios” are possible.
The zoning for the site is flexible enough that a wide range of future uses could materialize on the property, the brochure indicated.
SST Investments frequently develops residential projects, according to the company’s website.
“Residential development may be possible through a general plan amendment or rezoning,” the marketing materials stated. However, both of these would require a full-fledged review by Sunnyvale city officials.