LOS GATOS — A prominent commercial complex in downtown Los Gatos whose tenants include popular restaurants and shops has been bought by a Bay Area investment group.
The deal for the purchase of Lyndon Plaza underscores how Los Gatos — and its downtown in particular — has become one of the hottest tickets in Bay Area real estate.
Sridhar Equities paid $20.8 million for the mixed-use center, which is located at 20 S. Santa Cruz Ave. at the corner of Main Street, directly across the way from the busy Los Gatos Town Plaza, according to documents filed on June 15 with the Santa Clara County Recorder’s Office.
“This is a prime location in the heart of downtown Los Gatos,” according to a Cushman & Wakefield marketing brochure. “It has high visibility with a blend of mixed-use retail, restaurants, and office space.”
Main Street Burgers and Willow Street Wood-Fired Pizza are among the primary tenants in Lyndon Plaza. Dall’Uva wine store, Taba Taba restaurant, Gingis Academy of Music, Better Health Body Therapy, and Bugs & Butterflies photography also are located in the complex.
“Willow Pizza and Main Street Burgers are both doing very well, and with the rest of the restaurants and retail also doing well, that creates a good dynamic for the overall building,” said David Taxin, a partner with Meacham/ Oppenheimer, a commercial real estate firm.
Investors have bought a number of other properties in and near downtown Los Gatos over the last two years.
The deals suggest that the South Bay town is deemed to have a strong economy and valuable commercial properties.
“Los Gatos has always been a very thriving town and has done very well over the years,” Taxin said.
Among the deals in recent years in downtown Los Gatos and areas near the downtown:
— Toll House Hotel, a boutique lodging complex at 140 S. Santa Cruz Ave. in Los Gatos was bought in 2019 for $43.5 million.
— A retail building at 2 N. Santa Cruz Blvd. was bought for $14 million in October 2020.
— Hotel Los Gatos at 210 E. Main St. in Los Gatos was bought for $21.1 million in December 2020.
— A retail building at 26 N. Santa Cruz Blvd. was bought in December 2020 for $11.2 million.
— La Rinconada Country Club, 14595 Clearview Drive in Los Gatos, featuring an 18-hole golf course, was bought in May 2021 for $18.9 million in a deal that secures the future of the golf links.
Los Gatos-based Sridhar Equities, the new owner of Lyndon Plaza, focuses on the Bay Area and Southern California as its primary areas of property investment interest, according to the company’s website.
“Our investments are focused in high-demand locations within the San Francisco Bay Area and Los Angeles County markets,” Sridhar stated on the site.
Lyndon Plaza totals 81,000 square feet and is three stories high, according to a listing on the LoopNet commercial property site.
The building was constructed in 1972 and was renovated in 2003, according to the listing. The mixed-use complex received a “beautiful building award” from the Los Gatos Chamber of Commerce in 2006.
“Because of the outdoor dining because of the coronavirus, downtown Los Gatos has completely changed,” Taxin said. “It has really become a place to visit, to see and be seen. It’s become a really fun area with the outdoor seating.”
