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May 25, 2020
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San Mateo Retail Property Trades for $31.5 Mil


Borel Square Shopping Center, a 96.7k sf neighborhood shopping center in San Mateo, sold for $31.5 mil ($326/sf). The single-story retail property is anchored by CVS and 24 Hour Fitness and is 97.6% percent leased overall.

Borel Square Shopping Center is located at 1750 South El Camino Real and at 35-93 Bovet Rd, in the heart of the city. The propertyís location has visibility and direct access to Hwy 92, the primary thoroughfare connecting the Peninsula to the East Bay, which has daily traffic counts of more than 129,000 vehicles. Additionally, the shopping centerís central San Francisco Bay Area location offers excellent connectivity to Hwy 101 and I-280, which provide access to San Jose and Silicon Valley as well as downtown San Francisco.

The HFF investment advisory team representing the seller was led by senior directors
Eric Kathrein, Ben Bullock and Thomas Foley with HFF represented the seller in the deal. The HFF team also repped the same seller in the disposition of Borel Financial Center, the office component of the property, which closed in 2018.

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