The Westgate West Shopping Center, a 235,000-sf retail complex in San Jose, was purchased by individual investors from Westfield Corp. Inc. for $36 million. The shopping center sits on 19 acres of land at Prospect Road and the Lawrence Expressway. Its tenants include Trader Joe's, Long's Drugs, Orchard Supply and McDonald's.
2045-49 Divisadero St., a retail/residential property in San Francisco, was purchased by individual investors, Jimmy Goh and Sharon Jen for $1.16 million. Debra Dolch sold the property, which includes a 3,000-sf, ground-floor retail unit and three apartments totaling 4,500-sf.
A recent report on the San Francisco Bay Area reveals that in comparison to other commercial sectors, the retail market is holding up very well. The report, by Marcus & Millichap Real Estate Investment Brokerage Co., found that "investor interest in retail properties in the Bay Area is strong, due in part to uncertainty in other investment real estate property types.
There is no shortage of retail buyers, which was clear when the San Francisco property above sold after being on the market for 83 days.
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