News release

Silicon Valley’s Charleston Plaza trades for $71.8M

JLL Capital Markets led sales efforts for the five-building retail center in Palo Alto and Mountain View, California

March 30, 2022

Kristen Murphy

Investor PR, Capital Markets, Hotels, Property Management
+1 617 848 1572

SILICON VALLEY, March. 30, 2022 – JLL Capital Markets announced today that it has closed the $71.8 million sale of Charleston Plaza, a five-building retail center totaling 132,590 square feet in both Palo Alto and Mountain View, California.

JLL represented the seller, Nuveen Real Estate, and procured the buyer, San Francisco-based investment and development firm, Presidio Bay.

Charleston Plaza is located on a 10.98-acre site at 2400 – 2470 Charleston Rd., straddling the Palo Alto and Mountain View border in Silicon Valley. The property is adjacent to Highway 101 just a few miles south of downtown Palo Alto, Menlo Park and Stanford University. Additionally, 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%.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Will Connors, Senior Director Daniel Renz and Director Michael Manas.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Presidio Bay

Presidio Bay Ventures is a commercial real estate investment and development firm focused on the design, construction, and long-term operation of a diverse set of product types for private and public sector tenants across the United States. Headquartered in San Francisco, Presidio Bay's primary expertise is in new construction and major renovation of complex, mid to large-scale office buildings, mixed-use urban infill multifamily communities, industrial distribution centers, and other special-use facilities. Presidio Bay has developed 31 projects totaling 3,900,000 square feet of new construction and adaptive reuse valued at approximately $3.3 billion across the United States and its outlying territories. For more information, please visit presidiobay.com.