SAN MATEO, CA-Central Park Plaza, a 111,500-sf Downtown retail center here, has traded hands for about $40 million. Tan Group, a Palo Alto-based developer and investor purchased the property from a group of investors associated with locally based Sand Hill Property Co.The property occupies a block-long section of Downtown at 487-491 South El Camino Real and 2-98 East 4th Ave. It was 85% leased at the time of sale. Tenants include Equinox Fitness and Spa, Jamba Juice, Blockbuster Video, Drexel Heritage, Washington Mutual Bank and East West Bank. Tan Group’s capitalization rate on the investment is believed to be in the 6.5% range, assuming some additional leasing. Both sides of the transaction were brokered by Michael Federle and Nicholas Bicardo, respectively senior vice president and investment associate at Grubb & Ellis in San Francisco. “This transaction was the up-leg of a 1031 exchange for the buyer,” says Federle. “There was an $11.7-million loan in place at an 8.7% interest rate, which had to be defeased. The buyer then placed a new loan on the property with Prudential Mortgage Investors.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.