{"id":1004053814,"date":"2012-11-30T06:59:02","date_gmt":"2012-11-30T14:59:02","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=84243"},"modified":"2022-12-08T13:21:04","modified_gmt":"2022-12-08T21:21:04","slug":"santa-teresa-village-shopping-center-acquired-by-maryland-based-reit","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/santa-teresa-village-shopping-center-acquired-by-maryland-based-reit\/","title":{"rendered":"Santa Teresa Village Shopping Center Acquired by Maryland-based REIT"},"content":{"rendered":"<p class=\"MsoNormal\"><em>By Alex Girda, Associate Editor<\/em><\/p>\n<p class=\"MsoNormal\" style=\"text-align: justify\">The Santa Teresa Village Shopping Center i<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/11\/santa-teresa-village.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-84245\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/11\/santa-teresa-village.jpg\" alt=\"\" width=\"300\" height=\"225\" \/><\/a>n San Jose recently traded hands in one of the largest transactions involving neighborhood shopping centers in the Bay Area this year. Maryland-based Retail Opportunity Investments Corp. was the buyer, while the former owner is Santa Teresa Village LLC\u2014an entity created by local contractor Barry Swenson Builder. The value of the transaction was a reported $31.6 million, according to the <em>San Jose Business Journal<\/em>.<\/p>\n<p class=\"MsoNormal\" style=\"text-align: justify\">Santa Teresa Village Shopping Center is a 124,792-square-foot retail property currently anchored by a Nob Hill Foods and Ace Hardware. The shopping venue has a low vacancy rate of around five percent.<\/p>\n<p class=\"MsoNormal\" style=\"text-align: justify\">Cassidy Turley, along with Kidder Matthews representatives, arranged the transaction on the buyer\u2019s behalf, while the seller was advised by Prime Commercial. The per-square-foot rate that Retail Opportunity Corp. paid for the complex is approximately $250. The Maryland REIT\u2019s offer immediately convinced Barry Swenson Builder executives to finalize the sale.<\/p>\n<p class=\"MsoNormal\" style=\"text-align: justify\">The San Jose area is set to benefit from the housing market\u2019s recovery, as this will have immediate effects in the demand for retail space. The deal in question is a perfect example of new investors being attracted to the commercial market in order to make sure that they can be part of the upward trend.<\/p>\n<p class=\"MsoNormal\" style=\"text-align: justify\">Retail Opportunity Investment Corp. chose the Santa Teresa Village Shopping Center in concordance with its criteria for new acquisitions. The REIT seeks properties mainly in large metro areas of the Western and Eastern U.S. that are mostly neighborhood and community shopping spots, anchored by a major grocer and located in areas where the average household income rests in the upper percentile of the market.<\/p>\n<p>Image courtesy of<em> loopnet.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cassidy Turley, along with Kidder Matthews representatives, arranged the transaction on the buyer&rsquo;s behalf, while the seller was advised by Prime Commercial. The per-square-foot rate that Retail Opportunity Corp. paid for the complex is approximately $250. The Maryland REIT&rsquo;s offer immediately convinced Barry Swenson Builder executives to finalize the sale.<\/p>\n","protected":false},"author":237,"featured_media":1004506565,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1609],"tags":[1815],"class_list":["post-1004053814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-san-francisco","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Santa Teresa Village Shopping Center Acquired by Maryland-based REIT - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/santa-teresa-village-shopping-center-acquired-by-maryland-based-reit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Santa Teresa Village Shopping Center Acquired by Maryland-based REIT\" \/>\n<meta property=\"og:description\" content=\"Cassidy Turley, along with Kidder Matthews representatives, arranged the transaction on the buyer&rsquo;s behalf, while the seller was advised by Prime Commercial. The per-square-foot rate that Retail Opportunity Corp. paid for the complex is approximately $250. The Maryland REIT&rsquo;s offer immediately convinced Barry Swenson Builder executives to finalize the sale.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/santa-teresa-village-shopping-center-acquired-by-maryland-based-reit\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-11-30T14:59:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T21:21:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/santa-teresa-village.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anca Gagiuc\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/santa-teresa-village-shopping-center-acquired-by-maryland-based-reit\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/santa-teresa-village-shopping-center-acquired-by-maryland-based-reit\\\/\"},\"author\":{\"name\":\"Anca Gagiuc\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\"},\"headline\":\"Santa Teresa Village Shopping Center Acquired by Maryland-based REIT\",\"datePublished\":\"2012-11-30T14:59:02+00:00\",\"dateModified\":\"2022-12-08T21:21:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/santa-teresa-village-shopping-center-acquired-by-maryland-based-reit\\\/\"},\"wordCount\":295,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/santa-teresa-village-shopping-center-acquired-by-maryland-based-reit\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/santa-teresa-village.jpg\",\"keywords\":[\"National\"],\"articleSection\":[\"News\",\"San Francisco\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/santa-teresa-village-shopping-center-acquired-by-maryland-based-reit\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/santa-teresa-village-shopping-center-acquired-by-maryland-based-reit\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/santa-teresa-village-shopping-center-acquired-by-maryland-based-reit\\\/\",\"name\":\"Santa Teresa Village Shopping Center Acquired by Maryland-based REIT - 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