Silicon Valley retail sale

Target store not included

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A limited liability company has sold the Plaza de San Jose retail center in San Jose, Calif., for a price of $34 million. Danville, Calif.-based Story & King LLC unloaded the property on an unidentified, Los Angeles-based private investor, who was acquiring the asset through a 1031 exchange. Plaza de San Jose, completed in 2005, comprises 61,797 square feet and is shadow-anchored by a Target department store, which was not a part of the sale. The property, which was 95 percent occupied at closing, includes national tenants with long-term leases such as Walgreens, FAMSA, Starbucks and Wells Fargo, as well as a pad site for the development of a 7,200-square-foot retail building. The center is located on the northeast corner of Story Road and South King Road. ...