The site is part of a 155-acre development by McCarthy Ranch Corp. of Milpitas that sits near the confluence of US Route 101 and SR 152, adjacent to two major retail centers. The McCarthy development includes 20 acres of retail called McCarthy Retail Center with several pad sites fronting SR 152 and, behind that, 135 acres of industrial space to be known as McCarthy Business Center.
Nelson tells GlobeSt.com that approximately 55,000 cars pass the site on Highway 152 every day, providing the Sonic franchisor the opportunity to capture a lot of transient traffic moving between the Central and Silicon valleys. He declined to confirm the value of the lease, which one industry source put at between $2 million and $2.5 million.
The McCarthy development is just down the street from Gilroy Crossing and Pacheo Pass Plaza, two major retail centers at the confluence of US Route 101 and SR 152. Anchor tenants at those centers include Kohl's, Costco, Lowe's, Best Buy and Wal-Mart.
Last year, Nelson helped attract to McCarthy Retail Center the Bay Area's first store by Tractor Supply Co., the largest retail farm and ranch store chain in the US. The store is now up and running at 6881 Cameron Blvd.
No other tenants have been announced for the retail. As for the industrial, Venture Corp., the developer of Venture Commerce Centers, has acquired a big chunk of the industrial land for a five-building commercial condominium development.
McCarthy Ranch Corp.'s Joey McCarthy was not available Tuesday for comment.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
