Gateway 101, a 92,110-square-foot retail center fully leased to two national investment-grade tenants in East Palo Alto, recently sold for $53.165 million. A private foreign investor acquired the asset.

Gateway 101 is home to Target and Nordstrom Rack, both investment-grade tenants that offer stable cash flow for the new owner. The center, which originally opened in 2000 and was renovated in 2017, is part of a larger 430,000-square-foot retail property with a regional draw throughout the Peninsula and South and East Bays.

Located at 1771 East Bayshore Rd., the property is locked in at the convergence of University Avenue and Highway 101, making it visible to more than 455,736 vehicles per day. The center is only two miles from Stanford University and surrounded by blue chip technology companies. Additionally, the property benefits from a population of more than 118,000 residents who earn an average annual household income of $200,514.

JLL marketed the property on behalf of the seller, Regency Centers Corporation. The JLL team was led by Bryan Ley, Eric Kathrein and Tony Ensbury.

“Gateway 101 was a terrific sale for all sides and represents the strong demand of foreign capital coming back to the United States in 2021 and looking for long-term core retail assets in strong submarkets,” says Ley.