SAN FRANCISCO, CA – April 25, 2019 – HFF announces that it has closed the $31.5 million sale of Borel Square Shopping Center, a neighborhood shopping center totaling 96,718 square feet in San Mateo, California.
HFF represented the seller in the transaction, as well as in the sale of Borel Financial Center, the office component of the property, which closed in 2018.
Borel Square Shopping Center is located at 1750 South El Camino Real, 35-93 Bovet Road in the heart of San Mateo. This location has visibility and direct access to Highway 92, the primary thoroughfare connecting the Peninsula to the East Bay, which has daily traffic counts of more than 129,000 vehicles. Additionally, the shopping center’s central San Francisco Bay Area location offers excellent connectivity to Highway 101 and Interstate 280, which provide access to San Jose and Silicon Valley as well as downtown San Francisco. The single-story retail property is anchored by CVS and 24 Hour Fitness and is 97.6% percent leased overall.
The HFF investment advisory team representing the seller was led by senior directors Eric Kathrein and Ben Bullock and director Thomas Foley.
“Due to the property’s irreplaceable mid-peninsula location and below market rents the marketing process was highly competitive resulting in tremendous interest from a diverse pool of investors,” Kathrein said.
Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
CA Lic. #01896107
HFF Senior Director
HFF Director, Public Relations