Valley Plaza Shopping Center. Sacramento CA.
Structured Lease Agreement. This 165,000 sf Community center owned by Weingarten REIT suffered from a vacant grocery anchor building. As consultants, we devised a plan to re-tenant the anchor space with a value based grocery chain. We secured a 54,000 sf Food 4 Less tenancy operated by PAQ, Inc after the past leasing agent had listed the property for 5 years without success. Our focused approach at solving the owner problem is leading to a sale assignment when the store is completed.
Serra Daly City. Daly City, Ca.
This 55,000 sf mixed use property was anchored by a banking facility and several medical clinics and professional offices. The property is a 7 story Class A type 1 structure perched above Interstate 280 in Daly City adjacent to the BART Station. The property was appraised for $22,400,000 and using an effective market strategy, we attained overbids and sold to a user. The property went to market and sold in 3 days
Serra Center. Milpitas, CA.
Serra Center is a 125,000 SF mixed-use redevelopment center under the same ownership for over 117 years. The 16.5-acre property was delivered 60% vacant and offered tremendous upside through redevelopment into a new higher-density use. We attained double the appraised value of $22 million by working closely with the City of Milpitas Planning Department and the City Manager.
The Crossings Shopping Center. Antioch, Ca
This 125,000 sf core-plus Safeway, Rite Aid anchored center with strong sales was owned by CNA Enterprises for 15 years and was acquired by the Kirkorian Family Interests and part of a 1031 TC exchange. The property was on the market for 2 weeks and sold at full asking price.
Bridgepointe Center. San Mateo, CA.
Bridgepointe Center is a 268,609 square foot award-winning institutional grade power center. Surrounded by exceptional demographics, Bridgepointe is the most dominant power center in a 10-mile radius. This center has an outstanding mix of high profile credit tenants including Bed Bath & Beyond, Ethan Allen, Pier 1 Imports, Marshall’s, Sportmart, Petco, Old Navy and more. The property had an existing loan of $36,000,000 at a 7.52% interest rate fixed until due in 2009 that needed to be assumed or defeased by the buyer. Bridgepointe was marketed without an asking price and sold for $92,000,000 at a sub 5.75% cap rate.