Pruneyard Goes to Regency for a Cool $212.5M
Regency Centers acquired the mixed-use center, The Pruneyard, directly from a joint venture between Ellis Partners and investment funds managed by an affiliate of Fortress Investment Group.
CAMPBELL, CA—Regency Centers Corporation acquired the iconic mixed-use center, The Pruneyard, directly from a joint venture between Ellis Partners and investment funds managed by an affiliate of Fortress Investment Group LLC. Ellis Partners is retaining a minority interest in the new ownership and will continue to provide operating services.
The purchase price for the retail portion of The Pruneyard was $212.5 million. In addition to the retail portion, The Pruneyard also features a mix of uses that include three office towers totaling 360,000 square feet and a 171-key hotel which were not part of the transaction.
Originally built in the 1960s, the 258,000-square-foot center quickly became a Silicon Valley landmark, evolving over the years and recently undergoing a substantial renovation. Anchored by Trader Joe’s, it is located at the highly trafficked intersection of Campbell and Bascom avenues, adjacent to State Route 17.
Regency currently owns and operates 28 properties within the Bay Area, including The Pruneyard.
The HFF investment sales team led by Bryan Ley and Eric Kathrein represented the seller in the transaction.