CAMPBELL, CALIF. – Ellis Partners has acquired The Pruneyard, a 27-acre, mixed-use property in Campbell. Though the sales price was not released, reports put it as high as $300 million.
The Pruneyard contains more than 365,000 square feet of office space, more than 250,000 square feet of retail space and a 171-room Doubletree hotel. It is located at the intersection of Campbell and Bascom avenues in Silicon Valley.
The property initially opened in 1969. An 18-story office tower was added in 1970, while a second made its debut in 1972. The hotel component, which was formerly known as the Pruneyard Inn, opened in 1989. It was renovated and expanded in 1998.
Ellis plans to complete the hotel’s most recent renovation. Seller Equity Office Properties began those renovations in 2013 when the hotel was being converted into the Hilton DoubleTree.
Notable retail tenants at The Pruneyard include Marshall’s, Sports Basement, Trader Joe’s and Camera Cinemas.