SAN JOSE, CA—ValueRock Realty Partners, avertically-integrated real estate investment and operating company,has acquired a 120,437-square-foot retail propertyfully-occupied by Target for $18.25million.

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The property is located on just over nine acres in the SiliconValley market at 2155 Morrill Avenue in San Jose.The acquisition marks the first entry into SiliconValley for ValueRock and brings the firm's 12-month acquisitiontotal to 500,000 square feet of retail space.

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“This prime Target-occupied property is one that we intend tohold long-term as it offers both a well-known tenant and strongin-demand location in a high barrier-to-entry market,” saidDavid Lee, chairman and CEO of ValueRock RealtyPartners. “We've historically focused our retail investmentstrategy in Hawaii and Southern California, but have long looked toa number of Western US markets, such as Silicon Valley, that havegreat potential for diversifying our retail strategy.”

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The property is located within a larger retail center thatencompasses Walgreens, California Ranch Market andother neighborhood tenants. It is well-located off LandessAvenue and Highway 680, which has trafficcounts of more than 60,000 cars per day.

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As part of its growth strategy, ValueRock has been building itsretail portfolio, which is now over two million square feet ofretail properties. Over the last 12 months, ValueRock has addedmore than $100 million worth of property includingretail assets located in West Los Angeles, AlisoViejo and now San Jose. The properties all fit the firm'sinvestment criteria to build a world-class portfolio of core andvalue-add.

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“We are continuing this growth momentum with nearly 500,000square feet of deals in the pipeline. We are moving aggressivelyinto 2014 as we believe there is a great deal of opportunity in themarket right now,” said Lee.

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Patrick Cox, managing director and chiefdevelopment officer, ValueRock Realty, noted, “ValueRock has beenstrategic since its formation by creating a vertically-integratedcommercial real estate platform that allows us to be communicativeand transparent with the ability to move swiftly. I think that typeof agility bodes well for this market.”

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.