Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive advisor, is pleased to present the rare opportunity to acquire Gateway 101, a 92,110 square foot institutional quality, two-tenant property composed of Target and Nordstrom Rack (the “Property”). Located in East Palo Alto, CA, Gateway 101 holds an irreplaceable Silicon Valley position with over 900 linear feet of visibility along Highway 101 and is 100% leased to premiere, category leading tenants. Gateway 101 is a part of a regionally drawing concentration of retail and benefits from synergistic co-tenancy including HomeDepot (NAP), Ikea (NAP), Cardenas Market (NAP), PGA Superstore (NAP), and Office Depot (NAP).
- Rare Silicon Valley Retail Offering Gateway 101 represents a unique opportunity to acquire an institutional quality Silicon Valley retail center.
- Credit Tenancy & Hyper-stable In-Place Cash Flow
- The Property is 100% leased to Target and Nordstrom Rack creating a long-term stable cash flow derived from leases with leading national and credit tenants.
- Exceptionally Affluent Trade Area
- Gateway 101 is surrounded by an extremely affluent and highly educated population with average HH incomes exceeding $202,000 and a median home price of $2 MM within 3-miles.
- Unparalleled Market Fundamentals
- The Property is just two miles from Stanford University, surrounded by “blue chip” tech companies and has a trade area vacancy of just 0.2%.
- Irreplaceable Positioning & Visibility
- The Property holds an irreplaceable position at the convergence of University Avenue and Highway 101. With over 900 linear feet of visibility along 101, the Property is directly visible to over 250,000 VPD.
- Established Retail Hub in the Region
- Gateway 101 is a part of a regionally drawing concentration of 430,000 square feet of retail including Ikea (NAP), Home Depot (NAP) and PGA Superstore (NAP) which draws customers throughout the San Francisco Peninsula, South Bay, and East Bay.
- Resilient Tenancy
- Target posted 24% second-quarter 2020 sales growth across the company, demonstrating the essential retailer’s COVID-resistant presence in the market. Additionally, the Property is well positioned to take advantage of the huge influx in demand for discount retailers with Nordstrom Rack, which generated over 729,000 customers in 2019.
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