Jim Pedicini Of Dividend Homes Acquires Development Site In Palo Alto For $67.7M

A development site located at 3200 Park Boulevard in Palo Alto, CA, has been sold for $67.7 million. The site encompasses 3.9 acres and is part of the former Fry’s Electronics location. The buyer, Dividend Homes, plans to construct 74 condominiums on the site, which will involve partial demolition of the existing structure while preserving 140,000 square feet of research and development space along with 4,700 square feet of office space.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $67,700,000
• Buyer: Jim Pedicini - Dividend Homes
• Seller: Tony Mestres - The Sobrato Organization
• Acres: 3.9
• Address: 3200 Park Boulevard
• Market: Palo Alto, CA

This transaction involved Jim Pedicini representing Dividend Homes and Tony Mestres representing The Sobrato Organization, facilitating the agreement for the site’s sale and future development plans.