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8/06/18
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Scotts Village, a 121.3k sf, neighborhood shopping center in Scotts Valley, CA sold for $15.35 mil, or $126.50/sf. The property is located at 227 – 259 Mt. Hermon Rd, west of Hwy 17 and about six miles north of downtown Santa Cruz.
Scotts Village is anchored by Safeway and CVS. The center also includes several high-profile pad buildings occupied by Chase Bank, McDonald’s, and Taco Bell. Scotts Village was developed in 1984 on a leasehold interest.
Cushman & Wakefield’s Dan Wald and Don LeBuhn (The Wald | LeBuhn Team) represented the seller, The Pratt Company. The buyer, McNellis Partners, which is based in Palo Alto and Sacramento, repped itself in the deal.
According to Wald, “Scotts Village enjoys great market share in Scotts Valley, which, due to its proximity to both Silicon Valley and Santa Cruz, has become increasingly affluent.” He added, “The property offers the buyer a significant value-add opportunity through a potential increase of the size of its already-high-sales-volume Safeway."
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