Nuveen Real Estate has sold Charleston Plaza, a five-building retail center totaling 132,590 square feet in Palo Alto and Mountain View, for $71.8 million to Presidio Bay, a San Francisco-based investor.

Located at 2400 – 2470 Charleston Rd. in Silicon Valley, the property was built on 10.98 acres in 2006. PetSmart, Starbucks and Chipotle are among the diverse tenants at the property, which include restaurants, cafes and unique boutiques. At the time of the sale, the property had 75% occupancy.

The Silicon Valley has performed well through the pandemic, largely due to its healthy tech presence. In the last year, investors have favored long-term investments with stable, credit tenants and significant lease term. As a result of the strong sales activity, pricing has reached new records, a significant milestone considering the Silicon Valley is already a top-tier market. The median price per square foot for Silicon Valley office hit $554 per square foot, more than double the national average, and last year, Hunter Storm sold the Yahoo-leased portion of Coleman Highline to AGC Partners for $780 million or roughly $1,200 per square foot, breaking previous pricing records, according to a report from Colliers.