MetLife Investment Management Acquires Homestead Square Shopping Center In Cupertino For $92.5M
20620 W Homestead Rd Cupertino, CA 95014, USA
$92,500,000
$470/SF
Building Size
196,700 SF
Asset Type
Retail
Closing
Jun 2, 2023
AI
The Homestead Square shopping center in Cupertino has been sold to metlife-investment-management'>metlife-investment-management'>metlife-investment-management'>MetLife Investment Management for over $90 million. This retail property, with a total area of 196,700 square feet, is located at 20620 West Homestead Road. The transaction was completed on June 2, 2023, at a price per square foot of $470.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $92,500,000
- Address: 20620 West Homestead Road
- Market: Cupertino
- Buyer: metlife-investment-management'>metlife-investment-management'>metlife-investment-management'>MetLife Investment Management
- Seller: Sobrato Family Foundation - John Albert Sobrato
Despite economic uncertainties in Silicon Valley, the well-located Homestead Square shopping center attracted investor interest, particularly due to its proximity to major Apple tech hubs. The purchase by metlife-investment-management'>metlife-investment-management'>metlife-investment-management'>MetLife Investment Management showcases confidence in the retail center's potential for growth and profitability.
Players
Los Angeles Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93