Cupertino shopping center purchased by MetLife 

Photo courtesy of Google Maps

A shopping and retail center in Cupertino was sold to an affiliate of national insurance giant MetLife. 

According to documents filed with the Santa Clara County Clerk-Recorder’s Office at the beginning of the month, MetLife Investment Management purchased the property known as Homestead Square from the Sobrato Family Foundation for $92.5 million in an all-cash deal. 

The approximately 200,000 square foot Homestead Square property is currently home to merchants such as Michaels, Ross, Rite Aid, and Safeway.  

The former owner of the property, the Sobrato Family Foundation, is a philanthropic arm of the Sobrato Organization, a multi-generational, family-owned firm specializing in commercial real estate across Silicon Valley. 

The news of Homestead Square’s sale comes against the backdrop of dwindling investor confidence in a region dominated by a volatile tech sector where mass layoffs and hiring freezes have been the norm for the better part of the last year. However, this transaction reflects a contrarian narrative that, despite these uncertainties, investors are still interested in high-valued commercial real estate opportunities in the South Bay.  

The Homestead Square property is conveniently located near two major Apple locations, including the tech giant’s famous Infinite Loop campus. Reporting in the San Jose Mercury News indicates that the property’s value has been on the rise, with a purchase price reflecting a value 16.4 percent higher than its assessed value.