Real estate: Choice site in Los Gatos site lands Bay Area buyer
LOS GATOS — A long-shuttered automotive dealership property in Los Gatos has been bought by a veteran Bay Area development company that specializes in redeveloping parcels in choice sites.
The one-time site of Los Gatos Chevrolet was bought by an affiliate controlled by Sand Hill Property Co., an active and experienced developer in the Bay Area.
SHP Cute, the Sand Hill affiliate, paid $15.1 million for the site, documents filed on Sept. 21 with the Santa Clara County Recorder’s Office show.
Los Gatos Chevrolet closed its doors without warning in 2008, one of a number of auto dealerships that closed their doors in the Bay Area and nationwide amid the financial crisis that erupted that year.
The seller was Longs Drug Stores California, a unit of drug store chain CVS, which bought Walnut Creek-based Longs Drug in 2008.
Longs Drug Stores California bought the property in 2012, paying $5.8 million, according to the county public documents.
When Longs Drug bought the site, Longs was already owned by CVS. City planning documents indicate that a drug store was being considered in past years at the property, but those plans were eventually dropped. CVS now operates a store just down the street at Los Gatos Boulevard and Blossom Hill Road.
Sand Hill Property officials declined to comment about the company’s plans for the property.
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