Silicon Valley Whole Foods Nets Hefty Sum
- Sep 19, 2018
Imperial Hornet Developers has acquired 4800 El Camino Real, a 50,451-square-foot retail property serving as a Whole Foods Market, in Los Altos, Calif., from Compass Grand Associates, for $55 million. Cushman & Wakefield represented the buyer in the deal.
“This is an irreplaceable, single tenant asset and a generational investment opportunity in the epicenter one of the best economies in the world,” Kevin Held, Cushman & Wakefield’s’ vice president, said in a prepared statement. “The property was originally developed as a prototype build to suit for Whole Foods in an area with extremely high barriers to entry and strong market fundamentals.”
Located in one of Silicon Valley’s primary thoroughfares, the freestanding property is situated on 2.4 acres and boasts dual entry on the ground floor and two levels of subterranean parking.
The property offers high visibility and great access to the much-traveled El Camino Real, allowing entry from both directions of traffic.
Joining Held on the deal was Matt McNeill. The two worked with Los Angeles-based attorney Ron Goldie, who served as lead negotiator for the buyer.
Silicon Valley was named by Real Capital Analytics and Cushman & Wakefield as one of three regions showing the most profound decrease in retail leasing activity last quarter. Houston and New Jersey were the others.
Image courtesy of Cushman & Wakefield