Mary Manor Center, a 12k sf retail center in Sunnyvale, was acquired for $10.35 mil ($862/sf) by a local high net worth private investor who was in a 1031 exchange. The fully occupied center includes a Starbucks as well as six neighborhood retailers. This is the first time property has sold since it was built in 2004.
Located at 201 S. Mary Ave, the two-building property is situated on a 1.13-acre site at the signalized intersection of S. Mary Ave. and W. Washington Ave. It was sold by a locally-based family investment entity.
Chris Tramontano, John Redfield and Bruce Frazer with SRS’ Investment Properties Group represented the seller in the deal. The transactions had a closing cap rate of 4.25%.
“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.”
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.