Efi Luzon, Senior Vice President of Intero Commercial and managing director of the Luzon Team, a commercial REALTOR with Intero Real Estate Services, Inc., a Berkshire Hathaway affiliate and wholly owned subsidiary of HomeServices of America, Inc., recently represented the buyer for the purchase of Vallco Shopping Mall, Macy’s, JCPenny and Sears located in Cupertino, CA. The deal took almost 2 years in the making to complete and finally sold by Mr. Luzon. This marks Intero’s largest gross sale for a single agent since the company launched in 2002.
Set in the heart of Silicon Valley only blocks away from the main Apple campus in Cupertino and right across the street from the newly constructed Cupertino downtown known as Main Street, one would think Vallco was in the perfect location for a flourishing retail space, but the 37-year-old mall, with 1.2 million square feet of space including the 3 big box stores has sat half empty since the summer of 2011.
This most recent sale came about after multiple changes in ownership with the hopes of finding someone to help revitalize it. Multiple brokers took their chances at cutting through the red tape and finding a worthy buyer for years with no success.
Each of the big box stores and the mall itself had different owners requiring multiple negotiations with four different sellers. Luzon was able to unite all parties with an agreement to sell at the same time as one entity; a very rare occurrence. Eventually Sand Hill Property Company, a large international equity fund investor, took interest in the property and after two years of complicated hurdles, the sale finally closed. “I think this sale is a great opportunity to reinvent this area into the thriving Silicon Valley community it should be. It is my job to keep these transactions moving forward no matter how long it takes, and I’m glad we were able to close this deal in a win-win situation for all sides,” says Luzon.
Efi LuzonBased out of Intero’s Los Altos office, Luzon is the leading commercial real estate agent in the greater Bay Area and U.S. He has over 26 years of real estate experience both nationally and internationally. His expertise is in selling investment real estate such as apartment buildings, hotels, shopping centers and land for development. Luzon has exclusively represented some of the largest commercial transactions completed in the Greater San Francisco Bay Area. Some of his most notable deals have included the sale of the Hyatt Rickey’s property in Palo Alto, Downtown Sunnyvale Town & Country, and the H&M retail store in San Francisco. He also solely put together the buyer and seller for a transaction that encompassed half of the rental inventory of apartment buildings in East Palo Alto, totaling approximately 1,300 units, assembling over 80 different owners, with an aggregate sale price of over $100 million.
“Being that we’re headquartered just minutes from Vallco in Cupertino, I’m glad to know one of our own, Efi, was integral in closing this deal. We consider Cupertino our hometown and love that we can work on both residential and commercial transactions to help our community thrive.” States John Thompson, COO of Intero Real Estate. “Mr. Luzon is the most prolific agent that I have ever met and he has closed this deal the only way he knows how; HIS WAY!”
Tom Tognoli, President and CEO of Intero Real Estate Services adds, “Once again, Efi has made the impossible possible. Being in such close proximity to Silicon Valley greats like Apple, Google and Facebook, this piece of property is unlike any other in the world. Only someone as experienced as Efi could successfully put together a deal like this and make it happen.”