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.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Don’t miss out! Inman Connect Las Vegas is this week and you can catch all the excitement with a virtual ticket.Register Now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription