In recent weeks, retail assets in the Bay Area have been trading left and right. In one such deal, a portion of San Jose’s Vietnam Town has recently sold for $20 million, or about $445 per square foot. According to the Mercury News, which first reported the deal, the 44,900 square-foot property was purchased by San Francisco Diversified Properties, an affiliate of Northeast Medical Services. The property was sold by Singhaiyi Group Ltd.
The property is located at 939 Story Road and is part of the larger Vietnam Town commercial retail center, which is made up of addresses ranging from 909 through 999 Story Road. One of the largest commercial developments in South San Jose, Vietnam Town totals nine blocks of retail with a parking garage.
According to a former property listing, the sold portion of the property features an anchor unit of about 36,000 square feet and seven smaller units, ranging in size from 1,200 square feet to 1,395 square feet.
Vietnam Town is located southeast of downtown San Jose, near other retail properties, including the Grand Century Mall and Walmart. The property also maintains easy access to Interstate 101 as well as State Routes 680 and 280.
Retail assets in the Bay Area have been the subject of many deals throughout the past few weeks. In Alameda, DJM Capital Partners purchased the 105,000 square-foot Bridgeside Shopping Center for $57 million.
In nearby San Leandro, portions of the Bayfair shopping center also were sold to East Bay real estate executives Peter Lennon and Adam Goldenberg for $57 million.