Applied’s Latest Acquisition
Applied Materials Inc., a leading semiconductor equipment manufacturer, has finalized an agreement to acquire the former Fry’s Electronics store situated on East Arques Avenue in Sunnyvale. This strategic move marks Applied Materials’ continued expansion within the Silicon Valley region.
Deal in Progress
While the exact financial terms of the deal have not been publicly disclosed, the transaction is currently in escrow and is nearing completion. The decision to sell the 13.6-acre property came from the family of renowned director Robert Wise, widely recognized for directing the iconic film “The Sound of Music.”
Applied’s Expanding Presence
Applied Materials, a significant player in the semiconductor industry, has been actively acquiring properties across Silicon Valley. Their primary focus has been on the Sunnyvale and Santa Clara areas, where they have amassed an impressive real estate portfolio, boasting ownership or leasing rights to more than 2 million square feet of space spread across more than two dozen buildings in this high-tech hub.
This latest acquisition is fully aligned with Applied’s ambitious expansion plans in the region. Prior to this acquisition, Applied Materials announced its intentions to construct a state-of-the-art 180,000-square-foot research-and-development facility in close proximity to the former Fry’s location. Additionally, Applied Materials recently acquired a neighboring site at 242 Commercial St. for $6 million, which is conveniently located next to their proposed research facility.
End of an Era for Fry’s
Fry’s Electronics, once a prominent and beloved electronics retail chain, encountered numerous challenges in recent years. Ultimately, these challenges led to the closure of all remaining 30 stores in 2021. The closure of these stores left behind a substantial amount of vacant retail and warehouse spaces, including the 152,300-square-foot Sunnyvale store.
Future Use Undisclosed
The plans for the future use of the Sunnyvale Fry’s site by Applied Materials have not been publicly disclosed at this time. The purchase represents a significant addition to Applied’s growing real estate holdings in Silicon Valley, where the company continues to expand its operations and presence.