Building in prime Mountain View spot is bought at hefty price discount
MOUNTAIN VIEW — An office and retail building in a prime location such as Mountain View’s lively downtown district has become a fresh casualty of the nosedive in values for Bay Area commercial properties.
The building, at 215 Castro Street, was bought for $10 million, according to documents filed on April 11 with the Santa Clara County Recorder’s Office.
That price was a hefty 54.5% below the estimated value of $22.4 million for the building in January 2024, as calculated by the Santa Clara County Assessor’e Office.
Kenson Ventures, acting through an affiliate, bought the three-story building, the county documents show.
The building totals 25,400 square feet, according to brokers from Newmark, a commercial real estate firm, which arranged the property purchase.
The ground-floor retail spaces are leased to Alexander’s Patisserie, PokeWorks and St. Stephen’s Green, according to Newmark brokers Steven Golubchik, Ramsey Daya, Edmund Najera, Chris Moritz, Darren Hollak, Francesca Zappula and Brendan Raney.
Among the possible reasons for the big price discount in the deal: The second- and third-floor office spaces are empty.
Newmark noted that the location of the building is in one of the Bay Area’s top-notch downtown districts.
“Castro Street is the premier retail and dining destination in Mountain View, with over 75 restaurants and shops along the street and within walking distance,” Newmark stated in a prepared release.