15480, 15500, 15600 and 15650 Los Gatos Boulevard in Los Gatos, shown within the outline. Boundaries are approximate.
LOS GATOS — A long-time auto dealership site in Los Gatos has been bought by a busy development company that now controls a big chunk of land that includes a property where a new Whole Foods store is being planned.
Sand Hill Property bought two parcels that accommodate a Moore GMC auto dealership at 15480 and 15500 Los Gatos Blvd. in Los Gatos, according to documents filed May 30 with the Santa Clara County Recorder’s Office.
This deal now gives affiliates of Sand Hill Property, which is headed up by veteran real estate executive Peter Pau, control of 7.4 acres in a prime stretch of Los Gatos, county documents show.
All told, Sand Hill has paid $41.6 million in two purchase transactions to acquire the acreage, some of which includes the site of a proposed Whole Foods Market.
In the most recent transaction, a Sand Hill Property affiliate paid $26.5 million for two parcels that total 4.5 acres and include the automotive dealership property.
In 2021, Sand Hill Property paid $15.1 million for a 2.9-acre site with addresses of 15600 and 15650 Los Gatos Blvd. This property is where the new Whole Foods, slated to total 40,200 square feet, would be located.
“We are currently working on building permits and expect a building submittal in July,” said Steve Lynch, director of planning and entitlements at Sand Hill Property.
The new Whole Foods Market is expected to open sometime during the October-through-December quarter of 2024, Lynch said.
At present, no development plans have been submitted in connection with the auto dealership parcel that Sand Hill Property just bought.
“Moore Buick GMC will continue to operate as they have,” Lynch said.
Whole Foods would exit its current location on Los Gatos Boulevard, a store that’s about half the size of the new supermarket site that is being developed.
“The new store would be a great location for Whole Foods, 100 percent,” said David Taxin, a partner with Meacham/Oppenheimer, a commercial real estate firm.
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