Built in 1995 at the intersection of Highway 880 and StateHighway 237, McCarthy Ranch marketplace was 100% leased at the timeof sale. Tenants include Borders Books & Music, Best Buy,PetSmart, Ross, Sportmart and Office Depot.
Michael Federle, Robert Comartin and Nicholas Bicardo of Grubb& Ellis' San Francisco office handled both sides of thetransaction. Federle originally sold the property to Rreef in 1998on behalf of McMorgan + Company for $38 million.
The price paid equates to a 6.25% first year cap rate. Federletells GlobeSt.com there has been a jump in cap rates from lastfall, when the similarly sized and tenanted Bridgepoint ShoppingCenter in San Mateo received more offers and sold at a 5.40% caprate, or about $94 million.
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