Newport Beach, Calif. – SRS Real Estate Partners’ Investment Properties Group has completed the $10.35 million sale of Mary Manor Center, an 11,950-square-foot retail center in Sunnyvale, Calif. The fully occupied center includes Starbucks as well as six neighborhood retailers. This is the first time property has sold since it was built in 2004.
SRS’ Investment Properties Group Senior Vice President Chris Tramontano and Vice President John Redfield along with local SRS leasing expert Bruce Frazier represented the seller, a locally based family office. The buyer was a local high net worth private investor who was in a 1031 exchange. The closing cap rate was 4.25 percent.
“Mary Manor Center is a true pride of ownership, trophy asset,” said Tramontano. “There are very few trades in this market and this highly visible center is well-located down the street from the new Apple campus as well as large offices for Google, LinkedIn, Amazon, among others.”
Located at 201 S. Mary Avenue, the two-building property is situated on a 1.13-acre site at the signalized intersection of S. Mary Ave. and W. Washington Ave.
“As testimony to the strength of the location and the Silicon Valley market as a whole, despite Starbucks being the center’s only national brand tenant and all of the tenants’ leases expiring in less than three years, SRS received a strong amount of interest and generated multiple offers on this asset. We selected a 1031 exchange buyer who understood the intrinsic value of this asset now as well as its future appreciation potential,” said Redfield.
The area within a one-mile radius of Mary Manor has a dense population of more than 31,000 people and an affluent average household income of more than $132,000. Additionally, more than 12,500 employees are within a one-mile radius of the property.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 20 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit www.srsre.com.