84-year-old downtown Palo Alto retail building lands in the Bay Area

PALO ALTO — An eight-decade-old retail building in downtown Palo Alto has been purchased by a Bay Area real estate company in a deal that underscores continued interest in the sites top-notch shopping malls in the technology hub of Silicon Valley.

Built in 1938, the newly purchased building is located at 384 University Avenue off Waverly Street in one of the main sections of downtown Palo Alto.

Big Property Ventures, acting through an affiliate, paid $17.2 million for the building, which sits at the corner of University Avenue and Waverly Street, according to documents filed Aug. 8. from the Santa Clara County Recorder’s Office.

The San Carlos-based buying group also secured a loan of up to $17.1 million from Prime Finance Short Term Duration at the time of the purchase, according to county real estate records.

The main executives of Big Property Ventures are Bryan Baskin, Brooks Baskin and Jim Baskin, according to the real estate company’s website. Big Property Ventures is affiliated with Baskin Investment Group.

The main tenants of the building in downtown Palo Alto are Chico’s, a women’s clothing store; and Letter Perfect, an eco-conscious stationery retailer.

Palo Alto-based Rapp Development, whose top executives are listed on its website as Roxy Rapp and Chase Rapp, sold the building to subsidiary Big Property.

Rapp Development says on its site that the real estate company undertook a “historic renovation” of the structure, also known as the Decker Oaks Building, in 1983.

The new building owners group states on their website that they are a veteran of the local real estate scene.

“Baskin Investment Group specializes in acquiring, developing, repositioning and managing unique properties in the San Francisco Bay Area,” the company said.

This period of experience dates back 50 years, Baskin Investment said.

“Our directors bring deep local market knowledge and a passion for developing properties that transform communities,” Baskin said.

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