MOUNTAIN VIEW, CA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has been appointed as exclusive advisor for the sale of World Savings Plaza, a 34,700-square-foot neighborhood shopping center in Mountain View, California.
“This is an opportunity for an investor to acquire an exceptional site in one of the most desirable markets in Northern California,” says Kirk Trammell, senior managing director investments in Marcus & Millichap’s Palo Alto office. “The property is the gateway to Mountain View from the adjacent cities of Los Altos and Palo Alto. It currently produces a stable income stream and there is tremendous upside to be gained by redeveloping the site with a residential, commercial, or mixed-use project.”
Trammell, David Cutler, senior associate, and Joshua Johnson, senior associate, are representing the seller, a partnership that has owned the site for nearly 30 years.
The call for offers date is October 12, 2017.
“More than 2,100 residential units and 1.1 million square feet of new commercial space are in the planning stages or are already under construction in the neighborhood,” notes Cutler. “The neighborhood is rapidly transforming into an urban village that will offer residents a place to work, shop, eat, and play, all within a short walking distance.”
The property is situated on 2.8 acres at the intersection of El Camino Real and San Antonio Road, less than one-half mile from the Caltrain San Antonio station. The site has excellent access and visibility; it benefits from some of the highest traffic counts in the region, with more than 67,000 vehicles passing by each day. El Camino Real is the area’s major retail thoroughfare and features many national tenants, including Target, Walmart, Safeway, Whole Foods, Kohl’s, 24 Hour Fitness, and Trader Joe’s. Nearby Silicon Valley employers includ e Google, Symantec, Microsoft, HP Enterprise, VMWare, Palo Alto Medical Foundation, Synopsis, El Camino Hospital, and Samsung.
World Savings Plaza is anchored by Sprouts Farmers Market and leased to a mix of national retailers and local tenants.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.