Retail Plaza on Peninsula Trades for $72M
On the peninsula, just south of San Francisco, a five-building retail center in Palo Alto and Mountain View has been traded for $71.8 million.
JLL represented the seller, Nuveen Real Estate, and procured the buyer, San Francisco-based investment and development firm, Presidio Bay.
Charleston Plaza has 132,590 square feet of restaurants, cafes and boutique shops, in addition to tenants like PetSmart, Starbucks and Chipotle across the Plaza’s 10.98-acre footprint. That acreage straddles to the two Bay Area cities.
Completed in 2006, Charleston Plaza currently has an availability rate of approximately 75%. That higher-end vacancy rate follows a retail pullback at the Plaza that began in December 2021:
It started with Bed Bath & Beyond, which shut down its location on East Charleston Road early in the year. Just months later, REI announced it was relocating its store to Sunnyvale, and soon after that Best Buy announced it was closing its store as of the end of October.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Will Connors, Senior Director Daniel Renz and Director Michael Manas.