Downtown Los Gatos with its popular restaurants is bought
LOS GATOS – A leading shopping complex in downtown Los Gatos, whose tenants include popular restaurants and shops, has been purchased by a Bay Area investment group.
The deal to buy Lyndon Plaza highlights how Los Gatos – and its downtown area in particular – has become one of the Bay Area’s most popular real estate tickets.
Sridhar Equities paid $ 20.8 million for the mixed-use center, located at 20 S. Santa Cruz Ave. at the corner of Main Street, just across from bustling Los Gatos Town Plaza, according to documents filed June 15 with the Santa Clara County Registrar’s Office.
“This is a prime location in the heart of downtown Los Gatos,” according to a marketing brochure from Cushman & Wakefield. “It has great visibility with a mix of mixed-use shops, restaurants and office space.”
Main Street Burgers and Willow Street Wood-Fired Pizza are among Lyndon Plaza’s major tenants. The Dall’Uva Wine Shop, Taba Taba Restaurant, Gingis Music Academy, Better Health Body Therapy, and Bugs & Butterflies Photography are also located within the resort.
Investors have purchased a number of other properties in and near downtown Los Gatos over the past two years.
The agreements suggest that the town of South Bay is deemed to have a strong economy and valuable commercial properties.
Los Gatos-based Sridhar Equities, the new owner of Lyndon Plaza, is focusing on the Bay Area and Southern California as the main areas of interest for real estate investments, according to the company’s website.
“Our investments are concentrated in high demand locations in the San Francisco Bay Area and Los Angeles County markets,” Sridhar said on the site.
Lyndon Plaza totals 81,000 square feet and has three floors, according to a listing on commercial real estate site LoopNet.
The building was constructed in 1972 and was remodeled in 2003, according to a listing on the commercial real estate site LoopNet.
“The Lyndon Plaza received The Beautiful Building Award 2006 from the Los Gatos Chamber of Commerce,” states the Cushman & Wakefield brochure.