SAN FRANCISCO, July 18 2012– Colliers International has been retained as the exclusive marketing agent for Charlston Plaza, an approximate 132,590 square-foot community retail center in Mountain View. The trophy class property is owned by Dollinger Properties. Colliers International’s retail investment specialists Kevin Van Voorhis, Jay Gomez, and James Kaye, in San Francisco will market the property for sale.
Located in the affluent Silicon Valley city of Mountain View, Charleston Plaza was developed by Dollinger Properties in 2006. Positioned in a supply constrained market with high barriers to entry, this was the first new traditional/community retail center to be built in the past 15 years within a 10-mile radius, which has resulted in high retail tenant demand. Charleston Plaza was 100 percent pre-leased prior to completion in 2006. No rent concessions were given, and no vacancy occurred during the economic downturn.
“This property offers a rare opportunity for an investor to acquire a top-tier community retail center in one of the most sought-after locations in Northern California.” said Kevin Van Voorhis with Colliers.
With approximately 225 linear feet of frontage along U.S Highway 101, more than 188,000 vehicles pass by the site per day. The property benefits from its proximity to Google Headquarters, Stanford University, and Santa Clara University. The daytime work population within a five-mile radius of the property is 188,303.
According to senior vice presidents, James Kaye and Jay Gomez, “Charleston Plaza provides an opportunity for an investor to have a commanding shopping center presence in the heart of the world’s innovation engine known as Silicon Valley.”
Charleston Plaza is 100 percent leased to a tenant mix of national retailers, such as Bed Bath & Beyond, Best Buy, REI, Petsmart, as well as food uses, including Chipolte and Starbucks.
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Colliers International is the third-largest commercial real estate services company in the world, with over 12,300 professionals operating out of more than 520 offices in 62 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. Commercial Property Executive and Multi-Housing News magazines ranked Colliers International the top U.S. real estate company. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.