California retail center bought for nearly $40 million

Grubb & Ellis Co. arranged the purchase of a 111,432-square-foot retail property in San Mateo, Calif.

The value of the transaction was approximately $40 million.

The Tan Group, a Palo Alto, Calif.-based developer/investor, purchased the property, Central Park Plaza, from a group of investors associated with Sand Hill Property Co.

Central Park Plaza is a block-long section of downtown San Mateo located at 487-491 South El Camino Real and 2-98 East 4th Ave.

The property was 85 percent leased at the time of sale to tenants such as Equinox Fitness and Spa, Jamba Juice, Blockbuster Video, Drexel Heritage, Washington Mutual Bank and East West Bank.

Grubb & Ellis is a provider of integrated real estate services.

***

What's your opinion? Send your Letter to the Editor to opinion@inman.com.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.