Commercial buildings in Saratoga’s historic downtown don’t trade often, so I was intrigued to learn one of the village’s retail spaces sold this week.
At 4,102 square feet, the property at 14577 Big Basin Way, built in the late-1960s, isn’t huge, but it has held some well-known local businesses, including the former Country Store Cafe. Today it includes ground-floor retail and some office space.
It sold earlier this week to the office tenant, Toshima LLC, for about $1.02 million, or $248 per foot. That is nearly $100,000 more than asking.
Anh Stovall, an investment associate withMarcus & Millichap’s national retail group in Palo Alto, marketed the property with colleague J.J. Taughinbaugh. Stovall told me Wednesday the building had multiple offers — a sign of an uptick in investor interest in the area. The M&M team is slated to close soon on the sale of a 16,000-square-foot mixed-use building in the neighborhood as well.
“It’s an exciting time,” Stovall said. “We are seeing an abundance of investors that are coming into the market.”