Shopping center at El Camino and San Antonio for sale for $42.5 million

Google image of the World Savings Plaza bordered in red.

The shopping center at the corner of El Camino Real and San Antonio Road that includes Wells Fargo, CVS and Sprouts Farmers Market is for sale with a listing price of $42.5 million.

Marcus & Millichap has listed the shopping center that consists of 34,700-square-feet of space on 2.8 acres. The seller is a partnership that’s owned the plaza for nearly 30 years.
Offers are due Thursday, Oct. 12.

“The property is the gateway to Mountain View from the adjacent cities of Los Altos and Palo Alto,” said Kirk Trammell, senior managing director investments in Marcus & Millichap’s Palo Alto office. “It currently produces a stable income stream and there is tremendous upside to be gained by redeveloping the site with a residential, commercial or mixed-use project.”

The property is called the World Savings Plaza because that was the bank situated next to the El Camino and San Antonio intersection. Wells Fargo has since taken over the bank, but the name World Savings Plaza remains.

The neighborhood has been changing quickly with the replacement of the aging shopping center across San Antonio that included Sears with a new center that features Safeway, several restaurants and apartments.

A second phase of that project by developer Merlone Geier is under construction to the east.

At 400 San Antonio Road and Miller Avenue, just to the east of the World Savings Plaza, a development consisting of three high-rise buildings — one as high as seven stories — was approved by the city last year. That development, by Prometheus Real Estate Group, will result in 583 apartments and 11,171 square feet of ground-floor commercial space.

“More than 2,100 residential units and 1.1 million square feet of new commercial space are in the planning stages or are already under construction in the neighborhood,” said David Cutler, a senior associate at Marcus & Millichap. “The neighborhood is rapidly transforming into an urban village that will offer residents a place to work, shop, eat, and play, all within a short walking distance.”