Regency Centers Corp. has sold Gateway 101, a 92,110-square-foot retail center fully leased to two national, investment-grade tenants in East Palo Alto, Calif., for $53.165 million.
A private foreign investor acquired the asset.
Gateway 101 is home to Target and Nordstrom Rack, both investment-grade tenants that offer stable cash flow for the new owner. The center, which originally opened in 2000 and was renovated in 2017, is part of a larger 430,000-square-foot retail property with a regional draw throughout the San Francisco Peninsula and South and East Bays.
Located at 1771 E. Bayshore Road, the property holds an irreplaceable position at the convergence of University Avenue and Highway 101, making it visible to more than 455,736 vehicles per day. The center is only two miles from Stanford University and surrounded by blue-chip technology companies. In addition, the property benefits from a population of more than 118,000 residents who earn an average annual
