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Tuesday, January 06, 2009 Retail
Danville, 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 E-mail this article to a friend | Printer friendly format| DIGG this| Post to del.icio.us Comments on this article
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