Earlier this month, Regency Centers acquired 258,000 SF of prime Silicon Valley retail located in the iconic mixed-use project known as The Pruneyard.
Built in the 1960s, The Pruneyard quickly became a Silicon Valley landmark, evolving over the years and recently undergoing a substantial renovation.
Anchored by Trader Joe’s, it is located at the highly-trafficked intersection of Campbell Avenue and Bascom Avenue, adjacent to State Route 17.
“The Pruneyard is an iconic destination, and an opportunity to be a part of something like this doesn’t come along very often,” said Craig Ramey, Regency Centers’ Managing Director of the Pacific Northwest, Colorado, and Northern California. “We’re aware of the rich history of this center. This, coupled with a strong merchandising mix and terrific amenities, aligns very closely with the types of properties already in our portfolio. We want to ensure that The Pruneyard continues to build on its recognized position as a premier retail destination in Silicon Valley.”
In addition to the retail portion, The Pruneyard also features a mix of unowned uses that include three office towers totaling 360,000 square feet and a 171-key hotel, which were not part of the transaction.