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February 25, 2024
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Bay Area Retail Center Goes for Over $600/sf


El Gato Village Shopping Center, a 58.5k sf shopping center in Los Gatos, was acquired by a privately held real estate investment and development company for $36 mil ($615/sf). The center consists of 20 rental units and is located on 3.36 acres at 15710 Los Gatos Blvd.

The center, anchored by a well-known gourmet grocery store, Nob Hill Foods, boasts an occupancy rate of 97% with a healthy variety of stable, cashing-flowing tenants that offer the new owner strong returns over the next several years. Other tenants include Chase Bank, Los Gatos Cafe Uptown, Una Mas Mexican Grill, PostalAnnex and Baskin-Robbins.

The center provides ample on-site parking and features vaulted ceilings. It also offers quick and easy access to major transportation corridors, including California State Route 85 and 17. Currently, the center boasts a traffic count of 26,944 vehicles per day.

Adam Levin of Levin Johnston and Marko Buljan with Taycon Real Estate represented the sellers, Taycon Real Estate and a family trust.

“The investment appeal of this asset is largely driven by its strong location, the ongoing success of grocery-anchored centers, and the solid employment fundamentals of the Los Gatos area,” says Levin. “Los Gatos’ proximity to Silicon Valley has played a major role in attracting tech-related companies such as Netflix, the town’s largest employer. In turn, this has helped Los Gatos to attract affluent and well-established residents that are interested in the city’s high quality of life and small-town appeal. The shopping center also provides the local community with a diverse mix of tenants that will meet their everyday shopping and dining needs.”

Additionally, the Bay Area has recently seen a return of major retailers such as IKEA and Whole Foods in search of prime space to occupy, signaling a strong recovery for the region after two years of uncertainty. As national retailers resume activity, shopping centers are bolstered by anchor tenants that help stimulate additional businesses nearby. This phenomenon is attractive to other tenants, who benefit from the foot traffic achieved by grocery stores, notes Buljan.

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