SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Downtown Pleasant Hill, an approximate 345,687-square-foot entertainment, lifestyle and grocery-anchored center, is on the block. Loja Real Estate LLC is the owner of the trophy property.
Colliers International’s retail investment specialists Kevin Van Voorhis, Jay Gomez, and James Kaye, in San Francisco, will market the property for sale. Located in the heart of the Pleasant Hill submarket, Loja Real Estate is only the second owner of the center.
Kaye tells GlobeSt.com that “favorable market conditions” are reasons for selling.
The center was developed as part of the over redevelopment of Pleasant Hill’s downtown area and has won design awards for its architectural style, according to Colliers. The project boasts a unique open air format with attractive landscaping.
The center provides a recession resistant “daily needs” draw to the property with the category dominant mix of users, says Colliers. The center is 98% occupied and anchored by six national retailers including Century Theatres, Lucky Supermarket, Bed Bath & Beyond, Ross Dress for Less, Michaels, and Golfsmith.
Positioned adjacent to Concord, Walnut Creek, and Lafayette, with easy access off I-680, which has more than 165,000 vehicles pass by the site per day. The property draws from both a local and regional clientele, Downtown Pleasant Hill has a population of 263,000 in a five-mile radius, a daytime population of 278,000 and household incomes in excess of $104,000, according to Colliers.
“This is an exciting, vibrant, downtown community entertainment center that brings people together with the movie theater, restaurants and an assortment of best in class retailers,” says Van Voorhis. “The center provides great stability and strong cash flow to a potential investor.”
Kaye tells GlobeSt.com that Pension Fund Advisors, Reits, and high net worth investors will be interested in the center. He would not disclose what he thought the property would fetch at this time.
Earlier this year, Loja Real Estate, acquired a $21.75-million grocery-anchored shopping center in Agoura Hills, CA known as Shops at Oak Creek. Scott Kyman, VP of acquisitions for Loja, told GlobeSt.com at the time that the purchase was in line with Loja’s overall strategy covering two different targeted investment vehicles: core or single-tenant retail properties anchored by strong-performing grocers such as Trader Joe’s, and value-add opportunities involving properties in which there is income growth in the future via redevelopment or lease-up, which are mostly in secondary or tertiary markets. The company’s targeted region spans the West Coast from Washington down to San Diego, but also goes as far east as Denver, he previously told GlobeSt.com.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
