SAN JOSE, Calif. — Oak Group LP has sold the 18,511-square-foot Dollar Tree at 2155 Tully Road in San Jose for $4.95 million.
Oak Group LP, a Los Angeles-based investment partnership, was advised by Mark Hoekstra, managing partner of The Heritage Group, a San Diego-based commercial real estate management and investment advisory firm. Strong market conditions dictated the timing for this sale, which will allow the seller to do a 1031 exchange into a more opportunistic property.
“This property sold for more than its listing price and was under contract within one week of listing,” Hoekstra said. “We were able to achieve a flexible close for our client, allowing him extra time to execute a 1031 exchange.”
HLT Investments has acquired this property, which was leased to Dollar Tree three years ago with a lease term through Aug. 31, 2021. The buyer was a private entity looking for a stable Bay Area investment.
The property is located one block from the intersection of Tully Road and Capitol Expressway. It is one mile from US Highway 101 and two miles from i-680. The property was built in 1971, with renovations completed in 2011 and 2013.
Dollar Tree is a Fortune 500 Company headquartered in Chesapeake, Virginia with more than 5,000 stores.
The Heritage Group is a full-service commercial real estate management and investment advisory firm offering solution-driven strategies for owners, occupiers and investors in commercial real estate. The team leases and manages approximately 2,000,000 square feet and has deployed investor capital in excess of $300 million of commercial real estate over its nine-year span. Heritage is headquartered in San Diego, California with offices in San Francisco and Los Angeles. For more information on the Heritage Group, visit www.theheritagegroup.com