publisherx July 28, 2026
A roughly 131,000-square-foot center in Cupertino has traded for $130 million, which works out to approximately $992 per square foot. According to public documents reviewed by The Registry, the seller is a group whose principal executives include longtime Bay Area real estate executive Peter Pau. The buying group also secured a $91.4 million loan from Equitable Life Insurance Co. of America to finance the acquisition. Main Street Cupertino spans two addresses, 19379 Stevens Creek Blvd. and 19540 Vallco Parkway, and houses a mix of restaurants and shops.
The deal follows closely on the heels of another sale involving the same seller group and the same stretch of Stevens Creek Boulevard. In December 2025, the Pau-led group sold two adjacent office buildings, at 19319 and 19339 Stevens Creek Blvd., to Apple for $216 million, a transaction previously reported by The Registry. Apple already occupied both buildings at the time of that purchase, part of the company’s continued consolidation of real estate immediately surrounding its Apple Park campus.
Public filings suggest the retail center’s value is on the rise. The $130 million sale price for Main Street Cupertino came in 3.9 percent above the site’s assessed value as of January 2026, according to the Mercury News report. Assessed value is only one measure of a property’s worth, but the gap indicates the retail hub could see its assessed valuation climb in future reassessments — a development with direct implications for the tax revenue that funds cities, counties, regional agencies and school districts in the area.
The transaction lands as Silicon Valley’s retail fundamentals have been firming. Vacancy across the Silicon Valley retail market eased to 4.9 percent in the first quarter of 2026, down 50 basis points from the prior quarter, according to Cushman & Wakefield’s Q1 2026 Silicon Valley Retail MarketBeat report. That tightening supply of retail space, concentrated in a submarket anchored by one of the world’s most valuable companies, has made well-located centers like Main Street Cupertino increasingly scarce commodities for investors.
Roxborough Group’s purchase fits a stated strategy the firm has posted publicly, targeting dynamic submarkets fueled by sustainable economic growth and outsized demand drivers, the firm states on its website — a description that aligns with Cupertino, a city whose office landscape is dominated by Apple and whose daytime population swells with the tech giant’s workforce. Roxborough closed its oversubscribed Fund III at more than $518 million in previous years, giving the firm substantial capital to deploy into targeted acquisitions such as this one.
Cupertino’s broader real estate landscape continues to evolve around Apple’s presence. Sand Hill Property Company, the Pau-led firm behind Main Street Cupertino, has also been advancing The Rise, a roughly $4 billion, 51-acre master-planned redevelopment of the former Vallco Mall site located nearby, underscoring the scale of investment still flowing into the city despite Apple’s dominant institutional footprint. With Apple continuing to acquire adjacent office assets it already occupies and outside investors like Roxborough targeting the retail properties that serve that workforce, Cupertino’s small but dense commercial core is attracting outsized capital relative to its size — a dynamic likely to keep both office and retail values on an upward trajectory in the surrounding submarket.