MOUNTAIN VIEW — A choice office and retail building in the heart of downtown Mountain View has been bought by a busy Bay Area developer, a reminder that small but busy downtown districts are drawing investor interest.

Sand Hill Property Co. has bought a mixed-use, three-story building in downtown Mountain View, documents filed on Aug. 6 with the Santa Clara County Recorder’s Office show.

Acting through an affiliate, Sand Hill Property paid $31.3 million for an office and retail building at the corner of California Street and Castro Street, the county documents show.

The seller was Peninsula Land & Capital, a Palo Alto-based real estate development and investment company.

On the same day it sold the Mountain View building, Peninsula Land bought two south San Jose office buildings for $63.5 million.

The buyer didn’t immediately respond to a request for a comment about its purchase.

Sand Hill Property Co., the buyer, is notable for its involvement in high-profile projects in the Bay Area. These include far-reaching revamps of El Paseo de Saratoga shopping center in San Jose and Vallco Shopping Center in Cupertino.

In Palo Alto, Sand Hill has encountered success in finding tenants for multiple big office buildings in  Stanford Research Park.

The three-story downtown Mountain View building, located at 800 California St., includes Dana Oriental Market among its tenants.

Peninsula Land & Capital touted the location in Mountain View’s bustling downtown district.

“Known for its diverse dining options, downtown Mountain View boasts trendy local eateries and cafes nestled among an eclectic mix of shops and neighborhood amenities,” Peninsula Land stated in a post on the LoopNet commercial property site.

The Mountain View building totals 28,000 square feet and contains ground-floor retail and restaurant spaces.

“The area is extremely walkable, and a Caltrain station is less than a half-mile away,” the LoopNet listing stated.