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December 6, 2023
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Fully Leased Retail Center in East Palo Alto Trades in $53 Mil Deal


Gateway 101, a 92.1k sf retail center in East Palo Alto, sold for $53.2 mil ($577/sf). The center, fully leased to two national, investment-grade tenants, was sold by Regency Centers Corporation. The buyer was a private foreign investor.

Gateway 101 is home to Target and Nordstrom Rack, both investment-grade tenants that offer stable cash flow for the new owner. The center, which originally opened in 2000 and was renovated in 2017, is part of a larger 430k sf retail property with a regional draw throughout the San Francisco Peninsula and South and East Bays.

Located at 1771 East Bayshore R., the property holds an irreplaceable position at the convergence of University Ave and Hwy 101, making it visible to more than 455,736 vehicles per day. The center is only two miles from Stanford University and surrounded by “blue chip” technology companies. Additionally, the property benefits from a population of more than 118,000 residents who earn an average annual household income of $200,514.

Bryan Ley, Eric Kathrein and Tony Ensbury with JLL Capital Markets represented the seller.

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