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9/18/18
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A 50.5k sf retail property occupied by Whole Foods Market in the Silicon Valley city of Los Altos sold for $55 mil ($1,089/sf). Imperial Hornet Developers LLC acquired the freestanding property, located at 4800 El Camino Real, one of the region’s primary thoroughfares, from Compass Grand Associates LLC.
Situated on 2.41 acres, the building provides excellent frontage and high visibility along heavily traveled El Camino Real. Located at a signalized intersection, it also provides exceptional access, allowing entry from both directions of traffic. The store features dual entry on the ground floor, as well as two levels of subterranean parking.
Kevin Held and Matt McNeill with Cushman & Wakefield represented the buyer in the transaction. The duo worked with Ron Goldie, a Los Angeles-based attorney who specializes in acquisitions, portfolio management, and dispositions for urban core, Class A real estate for high net worth private clients, and who acted as an investment advisor in leading negotiations for the buyer.
“This is an irreplaceable, single-tenant asset and a generational investment opportunity in the epicenter one of the best economies in the world,” said Held. “The property was originally developed as a prototype build-to-suit for Whole Foods in an area with extremely high barriers to entry and strong market fundamentals.”
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