Prime Campbell Commercial property Coming to Market

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Dec 9, 2013, 2:09pm PST

Prime Campbell redevelopment site hits market

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Downtown Campbell (shown here during one of its many festivals) has seen strong investor interest lately. A new parcel coming to market could bring the momentum across the railroad tracks.

Nathan Donato-Weinstein

Real Estate Reporter- Silicon Valley Business Journal

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For decades, the 1.25-acre parcel on a prime corner in Campbell has whetted developers' appetites. Up until now, they've all received the same answer: No deal.
Now, the site long owned by Campbell's Del Grande family is coming to market.
Family members plan to offer the parcel, at the corner of Gilman and East Campbell avenues, for sale this February, said Rene Duenas of Campbell-based Realty Vision. That property currently houses a collection of buildings and the Del Grande Auto Parts and Machine Shop.
The opportunity is one that could help push forward the city's vision of extending the downtown, which begins in earnest a few blocks down, on the other side of the railroad tracks. It comes as the city's compact downtown is practically bursting at the seams with new eateries.
"It's still a work in progress, but we are already getting high interest," Duenas said.
That interest could be especially intense given two factors: The strength of Campbell's compact downtown submarket, and the perceived toughness of developing new projects in the city. But in this case, officials are keen on seeing the Del Grande site redeveloped.
"That whole section of Campbell Avenue has an area plan that calls for the continuation of our downtown," said Paul Kermoyan, the city's community development director. "So the idea is you'd have a mixed-use project very similar to the Aqui building," which features residential units over retail space at 201 E. Campbell Ave.
A project there could better connect the downtown with the Pruneyard, Campbell's main retail-and-office center, he said.
The Del Grande family decided to pursue selling the property after Paul Del Grande Sr., 86, died on Oct. 25. The cause was heart failure and pneumonia, his daughter told the Campbell Reporter, which first reported the death and the anticipated sale.

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Nathan Donato-Weinstein covers commercial real estate and transportation for the Silicon Valley Business Journal.

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