Silicon Valley retail center acquired via exchange

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Grubb & Ellis Co. represented Sand Hill Properties, a San Mateo, Calif.-based investor, in the purchase of a 71,175-square-foot retail center in Cupertino, Calif. The transaction was valued at $23 million. The Oaks Center, which is located at 21269 Steven Creek Blvd., was built in 1977. Sand Hill plans to expand and reposition the center, which was 85 percent leased at the time of sale. Tenants include Shane Co., Jamba Juice, Bossa, Bella Dance and Sports Ware, Togos and Coldwell Banker. Chicago-based Heitman Capital Management LLC was the seller. The buyer was completing a 1031 exchange from the sale of Central Park Plaza in San Mateo, a transaction that was also represented by Grubb & Ellis. Grubb & Ellis Co. is a global provider of integrated real estate services. *** What's your opinion? Send your Letter to the Editor to