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College Terrace Centre sold to new investor

Original post made on Jan 2, 2021

College Terrace Centre, home to the new grocer that opened Tuesday, Real Produce International Market, was sold to an unnamed "global investment company," according to a Wednesday press release.

Read the full story here Web Link posted Thursday, December 31, 2020, 10:08 AM

Comments (11)

Posted by Online Name
a resident of Embarcadero Oaks/Leland
on Jan 2, 2021 at 1:03 pm

Online Name is a registered user.

"The property was ripe for repositioning through re-tenanting with a solid anchor and bringing back a grocer — something the community both needed and wanted," Jason Oberman, CEO of Blox Ventures, said of the purchase at the time in an email. "When we identified the property, we recognized the assets of corner sitting, transportation access and proximity to both educational facilities and Silicon Valley businesses. Cosmetically, it had been neglected so we wanted to make a positive impact for the neighborhood aesthetic, as well."

Love the jargon. Now about that parking??


Posted by eileen
a resident of College Terrace
on Jan 2, 2021 at 11:07 pm

eileen is a registered user.

Oberman made sure that Khoury's Market, was pushed out, needed repairs were done, and visible signage for the NEW market was done before selling the property and making a sizable profit! Also, no fines were paid...


Posted by Longtime Resident
a resident of Old Palo Alto
on Jan 3, 2021 at 2:51 pm

Longtime Resident is a registered user.

Sold to an unnamed "global investment company," - like one of the many EB-5 investor schemes which help people buy their way into the USA?


Posted by Online Name
a resident of Embarcadero Oaks/Leland
on Jan 3, 2021 at 9:12 pm

Online Name is a registered user.

"Also, no fines were paid..."

Really?? Why not? I thought the city was so broke and cutting services and raising fees.


Posted by Anonymous
a resident of Fairmeadow
on Jan 4, 2021 at 11:08 am

Anonymous is a registered user.

@Longtime Resident wrote:

"Sold to an unnamed "global investment company," - like one of the many EB-5 investor schemes which help people buy their way into the USA?"

One wonders how @Longtime Resident reached this conclusion and why he/she did not simply google and find out:

Web Link

Perhaps Palo Alto Weekly's reporter could have done the web search, too?


Posted by Cat Mom Leonorilda
a resident of Midtown
on Jan 4, 2021 at 11:30 am

Cat Mom Leonorilda is a registered user.

It would be "interesting" to know the origins and members of the international investment company"...


Posted by Anonymous
a resident of Fairmeadow
on Jan 4, 2021 at 11:52 am

Anonymous is a registered user.

@Cat Mom Leonorilda: Follow the web link I posted above and you'll see that the property was bought by KKR:

Web Link


Posted by Name hidden
a resident of Downtown North

on Jan 4, 2021 at 12:21 pm

Due to repeated violations of our Terms of Use, comments from this poster are automatically removed. Why?


Posted by Chris
a resident of University South
on Jan 4, 2021 at 12:45 pm

Chris is a registered user.

The owners made a return of more than 30% in 2 1/2 years. Not bad during a pandemic. Looks like the original developers left a lot of money on the table.


Posted by Palo Alto Resident
a resident of Duveneck/St. Francis
on Jan 4, 2021 at 1:03 pm

Palo Alto Resident is a registered user.

@Anonymous and others, this interesting ranking of the investment firm, by an outfit in Australia, may be of interest: Web Link


Posted by [email protected]
a resident of Menlo Park
on Jan 8, 2021 at 10:24 am

[email protected] is a registered user.

The way I see this, Blox probably knows that the new mini-grocery store will fail, just like the two previous ones, and they are getting out now while they can make a sizeable profit. KKR will then inherit the headache of finding a 4th grocery store vs fighting with the city over the fines.

Signage was a problem before, and it still is a problem because First Republic has their sign in prominent locations (upper corner north & east sides) of the grocery store. Real Produce should have demanded their sign go up and First Republic taken down before they signed their lease.


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