Silicon Valley retail center sells for $71.8m

Nuveen Real Estate has sold Charleston Plaza, a five-building retail center totaling 132,590 square feet in both Palo Alto, Calif., and Mountain View, Calif.

Presidio Bay paid $71.8 million for the asset.

Charleston Plaza is located on a 10.98-acre site at 2400–2470 Charleston Road, straddling the Palo Alto and Mountain View border in Silicon Valley. The property is adjacent to Highway 101 a few miles south of downtown Palo Alto, Menlo Park and Stanford University. In addition, the property is complemented by an extensive amenity base, including restaurants, cafes and boutique shops that provide an urban suburban experience for nearby residents and shoppers at the center.

Completed in 2006, Charleston Plaza comprises four big-box retail buildings and one pad site. Key tenants include PetSmart, Starbucks and Chipotle. The center currently has an availability rate of approximately 75 percent.