Shops at El Camino Real, an 8k sf retail center in the Bay Area city of Belmont, sold for $9.55 mil ($1,194/sf).The property is fully occupied by six tenants including Peet’s Coffee & Tea, Detox Kitchen & Juice Bar, Menchie’s Yogurt, SuperCuts, Toto’s Pizzeria, and AT&T.
Built in 1999 and situated on .32 acres, the property is located at 1200 El Camino Real, at the signalized intersection with Oneill Ave, less than one-half mile from U.S. Hwy 101 along the Peninsula in San Mateo County. The two-building center is an outparcel to a Safeway-anchored retail center. There are more than 144,000 residents and 113,000 employees within a three-mile radius of the property.
Chris Tramontano, John Redfield and Bruce H. Frazer with SRS National Net Lease Group represented the seller, a NoCal-based private investor. The buyer, also a private investor from Northern California, was repped by The Gilmartin Group. The deal closed at a cap rate of 4.6%.
According to Tramontano, the property went into escrow during the pandemic and several tenants reached out for rent abatement/deferment. The seller, tenants and buyer worked together to navigate the unique challenges of the time, enabling them to moved forward with the transaction.