SAN JOSE, CA—ValueRock Realty Partners, a vertically-integrated real estate investment and operating company, has acquired a 120,437-square-foot retail property fully-occupied by Target for $18.25 million.
The property is located on just over nine acres in the Silicon Valley market at 2155 Morrill Avenue in San Jose. The acquisition marks the first entry into Silicon Valley for ValueRock and brings the firm's 12-month acquisition total to 500,000 square feet of retail space.
“This prime Target-occupied property is one that we intend to hold long-term as it offers both a well-known tenant and strong in-demand location in a high barrier-to-entry market,” said David Lee, chairman and CEO of ValueRock Realty Partners. “We've historically focused our retail investment strategy in Hawaii and Southern California, but have long looked to a number of Western US markets, such as Silicon Valley, that have great potential for diversifying our retail strategy.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
