SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement recently, but GlobeSt.com has learned that Dollinger Properties is selling its Charleston Plaza property here, and so far, Colliers International tells GlobeSt.com, it has already received “a lot of interest.”
The 132,590-square-foot community retail center in the Silicon Valley city of Mountain View was developed in 2006. “This property offers a rare opportunity for an investor to acquire a top-tier community retail center in one of the most sought-after locations in Northern California,” says Kevin Van Voorhis, a retail investment specialist with Colliers, who, along with Jay Gomez, and James Kaye, in San Francisco is marketing the property for sale.
While Gomez says there is no starting price, and cannot give an expected price the property would fetch, he did tell GlobeSt.com that the listing team expects multiple offers from “the Advisors, REITs and high net worth individuals.”
Positioned in a supply constrained market with high barriers to entry, this was the first new traditional/community retail center to be built in the past 15 years within a 10-mile radius, which has resulted in high retail tenant demand, according to Colliers. Charleston Plaza was 100% pre-leased prior to completion in 2006. No rent concessions were given, and no vacancy occurred during the economic downturn, the release says.
According to senior vice presidents, Kaye and Gomez, “Charleston Plaza provides an opportunity for an investor to have a commanding shopping center presence in the heart of the world’s innovation engine known as Silicon Valley” With approximately 225 linear feet of frontage along U.S Highway 101, more than 188,000 vehicles pass by the site per day, according to Colliers.
The property also benefits from its proximity to Google Headquarters, Stanford University, and Santa Clara University, according to a prepared statement. The daytime work population within a five-mile radius of the property is 188,303.
Charleston Plaza is 100% leased to a tenant mix of national retailers, such as Bed Bath & Beyond, Best Buy, REI, Petsmart, as well as food uses, including Chipolte and Starbucks.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
