Newmark Completes Sale of Monterey Plaza in San Jose, California

January 5, 2024 9:00 AM

Newmark[1] announces it has arranged the sale of Monterey Plaza, a 178,204-square-foot grocery-anchored community center in Silicon Valley. The asset sold for an undisclosed amount. Newmark Vice Chairman Nicholas Bicardo and Associate Director Cheyne Bloch represented the undisclosed seller.

“The closing of Monterey Plaza was a great outcome for both buyer and seller and an excellent team effort all around,” said Bicardo. “In the last 45 days, there has been a significant influx from capital on all of our deals across the West Coast.”

Located at 5500 Monterey Road, the property is situated on a 17-acre site and is anchored by FoodMaxx NAP (“Not A Part”), Dollar Tree and a newly built City Sports Club. Ideally located in the heart of Silicon Valley, Monterey Plaza benefits from exceptional surrounding trade area demographics, positioning it for success. The three-mile trade area population exceeds more than 160,000 people producing an average annual household income of $150,000.

Monterey Plaza is located near a large number of single-family homes, densely populated housing, schools and parks, in the same ZIP code as some of the world’s leading tech firms. The surrounding MSA has an impressively low unemployment rate of 3.2%. These demand drivers contribute to daytime traffic of 40,000 people who spend regularly at local retailers, according to Newmark Research.

[1] Dba Newmark Knight Frank in California

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of September 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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