Saratoga Village building sells for first time in 44 years

Marcus & Millichap

14577 Big Basin Way in Saratoga Villa sold this week.

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Nathan Donato-Weinstein: Real Estate Reporter- Silicon Valley Business Journal; Email | Twitter

Commercial buildings in Saratoga's historic downtown don't trade often, so I was intrigued to learn one of the village's retail spaces sold this week.
At 4,102 square feet, the property at 14577 Big Basin Way, built in the late-1960s, isn't huge, but it has held some well-known local businesses, including the former Country Store Cafe. Today it includes ground-floor retail and some office space.
It sold earlier this week to the office tenant, Toshima LLC, for about $1.02 million, or $248 per foot. That is nearly $100,000 more than asking.

Anh Stovall, an investment associate with Marcus & Millichap's national retail group in Palo Alto, marketed the property with colleague J.J. Taughinbaugh. Stovall told me Wednesday the building had multiple offers — a sign of an uptick in investor interest in the area. The M&M team is slated to close soon on the sale of a 16,000-square-foot mixed-use building in the neighborhood as well.

"It's an exciting time," Stovall said. "We are seeing an abundance of investors that are coming into the market."

The buyer was represented by Susanna Wong of Intero Real Estate.