11/29/2007Faris Lee brokers $34M sale of San Jose retail center
by Eric RamsdenDanville, Calif.-based Story & King, LLC, a joint venture between developer
Blake Hunt Ventures and
Pacific Coast Capital Partners, has sold the Plaza de San Jose retail center to a Los Angeles-based private investor for $34 million.
Richard Walter and Donald MacLellan of Irvine-based
Faris Lee Investments represented the joint venture in the transaction while
Sam Alison and
Rachel Burris of
CB Richard Ellis represented the buyer, who was in a 1031 exchange.
The 61,797 square foot retail property was 95 percent occupied at the time of sale to tenants including Walgreens, FAMSA, Starbucks and Wells Fargo. Developed by Blake Hunt in 2005, the property sold at a 5.3 percent cap rate. The acquisition includes a 7,200 square foot retail development site.
Faris Lee recently completed the sale of the
Hawthorne Exchange Shopping Center in Hawthorne. Walter represented the seller, Ironwood Hawthorne LLC, in the transaction.
Alison, senior VP with CBRE, specializes in retail investment sales in the Los Angeles area. He is a former employee of Weyerhauser Financial Services, Trammel Crow Company and Exxon.
Burris, an associate with CBRE's Investment Property Team, is a former associate for a San Diego law firm and also specializes in retail investment properties.
Address: 1720 Story Rd., San Jose, Calif.
Size: 61,797 square feet
Built: 2005
Filed Under: Retail | | |
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