Los Gatos prime site lands at Bay Area buyer site – Silicon Valley
LOS GATOS – A long stranded auto dealership property in Los Gatos has been purchased by a veteran Bay Area development company that specializes in redeveloping plots in prime locations.
The unique Los Gatos Chevrolet site was purchased by a subsidiary controlled by Sand Hill Property Co., an active and experienced developer in the Bay Area.
SHP Cute, a subsidiary of Sand Hill Property, paid $ 15.1 million for the site, according to documents filed Sept. 21 with the Santa Clara County Recorder’s Office.
Los Gatos Chevrolet closed without warning in 2008, one of several auto dealerships that closed in the Bay Area and across the country amid the financial crisis that erupted that year.
The seller was Longs Drug Stores California, a unit of the national drugstore chain CVS, which purchased Longs Drug of Walnut Creek in 2008.
Longs Drug Stores California bought the property in 2012, paying $ 5.8 million, according to county public documents.
When Longs Drug bought the site, Longs was already owned by CVS. Planning documents indicate that a pharmacy was being considered in recent years on the property, but those plans were ultimately scrapped. CVS now operates a store just down the street at Los Gatos Boulevard and Blossom Hill Road.
Sand Hill Property officials have been contacted but declined to comment on the company’s plans for the property it has just purchased.