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Crow Fund Acquires Neighborhood Retail Center

LOS GATOS, CA-Crow Holdings Realty Partners IV LP pays $28.25 million for Downing Center, a 72,000-sf retail center anchored by a recently remodeled Safeway.

By Brian K. Miller | Updated on January 21, 2007

(For more retail coverage, click GlobeSt.com/RETAIL.)

LOS GATOS, CA-Crow Holdings of Dallas has snapped up Downing Center, a 72,000-sf neighborhood center here for its latest fund, Crow Holdings Realty Partners IV LP. The fund paid $28.25 million for the center, which is currently 100% occupied. About 69% of the center is leased to national credit tenants, including a recently remodeled Safeway and, on an outparcel, Hollywood Video.

The asset falls into Crow Holdings’ strategy of purchasing shopping centers in dense, high-income, in-fill neighborhoods. Los Gatos is an affluent submarket of the Greater San Francisco Bay area. The center itself has strong daily traffic counts due to its location at the southwest corner of the intersection of Union Avenue and Los Gatos/Almaden Road, one mile south of Highway 85 and two miles east of Los Gatos Boulevard.

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