Scotts Village, a prominent neighborhood shopping center in Scotts Valley (Santa Cruz County), California, has sold to a Northern California-based real estate firm for $15.35 million. Anchored by Safeway and CVS, the shopping center comprises 121,296 square feet (sf) of retail improvements including several high-profile pad buildings occupied by Chase Bank, McDonald’s, and Taco Bell. Scotts Village was developed in 1984 on a leasehold interest.
Cushman & Wakefield’s Dan Wald and Don LeBuhn (The Wald | LeBuhn Team), both Executive Managing Directors with the firm’s Retail Investment Advisors Group, represented the seller, The Pratt Company. The buyer, McNellis Partners, which is based in Palo Alto and Sacramento, represented itself.
According to Mr. Wald, “Scotts Village enjoys great market share in Scotts Valley, which due to its proximity to both Silicon Valley and Santa Cruz, has become increasingly affluent.” He added, “The property offers the buyer a significant value-add opportunity through a potential increase of the size of its already-high-sales-volume Safeway.”
Mr. LeBuhn continued, “Not only is Scotts Village the premier center in the trade area but it enjoys very high barriers to entry for the development of new competition.”
The Wald | LeBuhn Team represents owners of retail investment properties throughout Northern and Central California and Northern Nevada. To date, the Team has completed over 250 retail investment transactions with a total value of over $3.5 Billion.
