California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Los Gatos Retail Trades for $1K+ Per Square Foot
Marcus & Millichap arranged the sale of a 4,401-square-foot, 100% occupied retail property located at 52 N. Santa Cruz Ave. in Los Gatos. The asset sold for $4,520,000, or more than $1,000 per square foot.
“The property is located on one of the best corners in Downtown Los Gatos, as it has extremely high traffic counts and pedestrian foot traffic,” said Yuri Serginin, first VP investments in Marcus & Millichap’s Palo Alto office. “Los Gatos offers a vibrant and diverse cultural scene reflecting the town’s rich history and wealthy demographics. The property rests in a vibrant retail market with high barriers of entry.”
Sergunin and J.J. Taughinbaugh, SVP investments in the firm’s Palo Alto office, marketed the property on behalf of the undisclosed seller. The buyer was also procured by Taughinbaugh and Sergunin.
Built in 1985, the property has six commercial spaces.
On May 1, catch the Industry Leaders C-Suite panel at Connect Los Angeles 2024 when Bob Hart, President & CEO of TruAmerica; Kyle Matthews, Founder, Chairman & CEO of Matthews REIS; Bill Frame, CEO and Chairman of the Board of Kidder Mathews; Anthony Graziano, Chairman and CEO of IRR; and moderator Lew Horne of CBRE take the stage. Register now to hear live from these industry leaders.
