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10/03/16
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STC Venture LLC has closed escrow on Sunnyvale Town Center, a 36-acre, mixed-use project that has been sitting unfinished since 2009. The property was sold by Wells Fargo.
STC Venture, a joint venture of Hunter Storm, Sares Regis Group of Northern California and institutional investors advised by J.P. Morgan Asset Management, acquired rights to purchase the property in late 2015. Since then, they have been working with the seller and the city to determine the best path to stabilize the partially completed 198 residential units and the retail components of the project.
The buyer’s first priority will be to complete the residential units as a sophisticated, first class
apartment community that will meet the needs of Sunnyvale residents seeking housing in a central
downtown location near retail, transit and employment. Demolition of Redwood Square -- an unfinished retail component of Sunnyvale Town Center now considered obsolete -- is
scheduled to commence this fall. Work begins on finishing out the res units next month.
“Sunnyvale Town Center is of primary importance to the residents, businesses, and the
City of Sunnyvale,” said Deke Hunter, Managing Member of Hunter Storm. “Our first tasks will
include completing the mixed use retail, upgrading the infrastructure and preparing Redwood
Square for future development.”
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