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February 28, 2024
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Presidio Bay Closes $72 Mil Bay Area Retail Buy


San Francisco-based Presidio Bay closed on the purchase of Charleston Plaza, a five-building retail center totaling 132.6k sf of space in both Palo Alto and Mountain View, CA. The property, situated on an 11-acre site at 2400 2470 Charleston Rd, straddling the Palo Alto and Mountain View border in Silicon Valley, traded for $71.8 mil ($541/sf).

Charleston Plaza is adjacent to Hwy 101 just a few miles south of downtown Palo Alto, Menlo Park and Stanford University. Additionally, the property is complemented by an extensive amenity base, including restaurants, cafes and boutique shops that provide an urban suburban experience for nearby residents and shoppers at the center.

Completed in 2006, Charleston Plaza comprises four big box retail buildings and one pad site. Key tenants include PetSmart, Starbucks and Chipotle. The center currently has an availability rate of approximately 75%.

Will Connors, Daniel Renz and Michael Manas with JLL represented the seller, Nuveen Real Estate, and procured the buyer in the deal.

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