Hollister, CA (Nov. 1, 2018) – CBRE’s San Jose office has brokered the sale of Heritage Plaza, a 58,209 sq. ft., drugstore-anchored shopping center that sits on 5.22 acres at 1701-1709 Airline Highway in Hollister, Calif. James Kaye, Jay Gomez and Lindsey Snider of CBRE’s San Jose office represented West Valley Properties, the seller of the property. The buyer was a local private investor who purchased the property in a 1031 exchange.
Heritage Plaza is currently 97 percent occupied and is featured in Hollister’s core retail trade area, making this location a high-identity property.
Nearly 80 percent of the shopping center is occupied by national and regional retail operators including Goodwill, RiteAid, O’Reilly Auto Parts, Advance America and Cricket Wireless, making this a long-term asset with a diverse rent roll. Originally built in 1969 and later expanded in 1986, the property recently underwent exterior renovations.
“Heritage Plaza was a rare opportunity to acquire a drug-anchored shopping center with long-term upside in Northern California,” said Jay Gomez, Senior Vice President at CBRE’s San Jose office. “The property is a pride-of-ownership retail asset delivering a secure cash flow, with accretive in-place debt that the new buyer was able to assume.”
The surrounding area is currently experiencing intense growth, bringing in new and ongoing residential and commercial development in an already dense population in proximity to the property. Heritage Plaza offers convenient regional and local accessibility with access to Highway 101 via State Route 25, one of the main thoroughfares through Hollister with traffic counts exceeding 9,500.
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.