Exclusive: East Bay shopping center lands new grocery tenant to anchor redevelopment strategy

The new owners of the regional mall have mapped out a multi-phased plan to redevelop the East Bay property into a shopping and entertainment geared toward the region’s strong Asian demographic.

LBG Funds has finalized a 35,000-square-foot lease with Taiwanese grocer 99 Ranch Market to anchor the first of four phases that the Los-Angeles-based investor is planning for the once-struggling Richmond property.

Rebranded as the Shops at Hilltop, the first phase will also include leases for 55,000 square feet of restaurant space; new tenants for a 20,000-square-foot food hall and 12,000-square-foot food court; as well as a variety of incoming shops, entertainment and pop-up uses.

LBG is estimating work on the first retail phase will be completed in mid-2019.

 

 

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Strong Economic Indicators Present In All Of San Francisco CRE

San Francisco’s commercial real estate market shows many positive signs for growth in 2018.

Multiple CRE products are going up right now, which is relatively uncommon, according to Vanguard Properties Director of Investment Sales Alex Kolovyansky, who spoke during a recent Bisnow event.

Office, industrial residential and hotel are all experiencing up cycles, Kolovyansky said.

“The San Francisco residential market has been growing by leaps and bounds,” he said.

In 2017, 6,500 transactions were completed in the residential market, of which 35% were for homes and 51% were for condos. A very small percentage of the transactions were for investment properties and 2.3% were for apartment buildings. Kolovyansky said 147 old and new apartments traded last year.

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What Do Single-Tenant Net Lease Deals Offer High-Net-Worth Investors?

HNW investors are especially attracted to single-tenant net lease deals in the retail sector.

For more and more high-net-worth (HNW) real estate investors, dollar stores and drugstores make for a winning combination, although these assets can turn into losers if the sole tenant leaves.

Office and hotels still draw a lot of attention—and dollars—from HNW investors. But a rising number of them are betting on single-tenant net lease properties such as dollar stores, drugstores and fast-food restaurants to help round out their portfolios.

By and large, net lease properties are magnets for HNW investors because they’re viewed as safe, recession-proof assets that preserve cash flow and yield.

Read more from National Real Estate Investor

NAI Northern California celebrates continued growth with 21% revenue increase by third quarter of 2017

The tech-forward, collaborative brokerage continues to emerge as an up-and-comer on the Bay Area commercial real estate scene

SAN FRANCISCO, CA – October 17, 2017–  Continuing to evolve as a growing force in the San Francisco Bay Area commercial real estate landscape, NAI Northern California forges into the third quarter of 2017 with revenue already surging past 2016. As of October, the brokerage has increased gross revenue by 21% over last year. Across retail, multifamily, office, industrial, and land, the total square footage of transactions closed by the team more than tripled.

In regards to NAI Northern California’s growth and the current market, President James Kilpatrick points out, “While the Bay Area has been experiencing an extraordinarily long real estate cycle, this seems to be accelerating further as our number of successful transactions is up by 31%.”

Multifamily investment sales are active as investors focus on residents looking beyond San Francisco to the East Bay. Top producing broker Shivu Srinivasan closed the $28.75 million acquisition of an 88 unit apartment complex at 4445 Stevenson Boulevard in Fremont and the $13 million sale of a 70 unit property at 250 West Jackson in Hayward.

In retail, NAI Northern California is carving out a niche by successfully closing over $100 million in triple net shopping centers and single tenant properties this year.Top producer Mary Alam spearheaded the $13.6 million sale of the Newark Shopping Center and several Walgreens properties among others.

Growing market share is directly impacted by the addition of talent. In 2017, experienced industry professionals Tony Alanis, Kevin Flaherty, Fritz Jacobs, Matt Gorman, Gregg Steele, Reggie Regino, Brent Stiggins, and Darija Walker joined the company’s brokerage and financing groups.

James Kilpatrick remarks, “Our growth is truly predicated on our talented team. We are unique in the commercial real estate industry, empowering our professionals to take a collaborative approach supported by a tech-forward platform that helps them be nimble as they get deals done for our clients.”

About NAI Northern California
NAI Northern California is a progressive, full service commercial real estate firm serving the Bay Area. Recognized as one of the Top 25 Commercial Real Estate Firms by the East Bay and San Francisco Business Times, we are committed to delivering best in class services for our clients.

www.nainorcal.com

Effort to bring tech campus to former Alameda naval base

ALAMEDA — The city is looking to transform three buildings at the former Alameda Naval Air Station into a tech campus, and is now seeking design and architectural firms to offer proposals for taking on the project.

The 519,219-square-foot complex — known as the Bachelor Enlisted Quarters — was once used as a dormitory and for dining facilities for sailors. The overall site, which includes the buildings, nearby parking and sports fields, totals about 21 acres.

The city said it wants to create “a cool, one-of-a-kind technology campus” that would be close to the other tech companies already located at the former Navy base, such as Google, Wrightspeed, Saildrone, Natel Energy and Astra Space, according to a background report.

The site is within walking distance to a ferry terminal to San Francisco. St. George Spirits, Faction Brewing and Rock Wall Wine Company are also nearby.

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NAI Northern California Represents Buyer and Seller in $7.34M Sale of Absolute NNN Walgreens in Elk Grove

ELK GROVE, CA – July 12, 2017- NAI Northern California, the Bay Area presence for NAI Global, the largest commercial real estate brokerage network in the world, is proud to announce the $7.34 million sale of a Walgreens located in Elk Grove, CA. Vice President, Mary Alam, arranged the sale and represented both the buyer and seller in this off-market transaction.

Mary Alam, who specializes in single and multi-tenant retail investment sales, indicated that this transaction reflects the continued demand for more secure real estate investments in light of negative news surrounding the state of brick and mortar retail.

Drugstores have proven to be among the most successful and stable of retail tenants in this environment. This 10-year-old, long-standing Walgreens purchased at a 5.64% CAP presents itself as a valuable opportunity as an absolute NNN investment providing a stable, trophy asset for investors.

“This acquisition is a great addition to the buyer’s portfolio due to the high credit rating of the tenant, the long-term NNN lease with no landlord responsibilities, and a great location in Elk Grove which has consistently ranked as the fastest growing city in California,” said Alam.

Located on 9200 Elk Grove Florin Road, this property stands on the busy four-way intersection  of Elk Grove Florin Road and Bond Road with easy access to Highway 99. The 14,480 SF drugstore is the only large pharmacy within a one-mile radius and provides ample parking, a double-lane drive-thru window, as well as charging stations for electric and hybrid cars.

About NAI Global
NAI Northern California is at the leading edge of technology, collaborative culture, and training, giving our local professionals a competitive advantage and creating better outcomes for our clients. We are consistently a top Commercial Brokerage in the Bay Area, and continue to grow our team and revenues.

NAI Global is the largest commercial real estate brokerage network. Founded in 1978, today NAI Global has more than 400 offices worldwide and over 7,000 professionals, managing over 425 million square feet of property. Global offices deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.

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NAI Northern California Represents Seller and Buyer in $13.6M Transaction of Newark Square Shopping Center

Newark, CA – June 29, 2017- NAI Northern California, the Bay Area presence for NAI Global, the largest commercial real estate brokerage network in the world, is proud to announce the $13.6 million sale of a neighborhood center, Newark Square Shopping Center.

Vice President, Mary Alam and Investment Advisor, Joshua Ballesteros represented both Buyer and Seller in this off-market transaction.

“With 26 tenants and approximately 40 years of operating history, we are pleased to have helped our Buyer and Seller in evaluating, managing, and communicating the large amount of data associated with this property,” said Alam who, with her partner, Joshua Ballesteros, managed this transaction over a long and often challenging eight-month escrow. “We are thrilled to have closed this sale to everyone’s satisfaction,” she added.

Newark Square includes six buildings spread over three separate parcels with a total lot size of approximately 5.1 acres. The center which was constructed in 1960, hosts a number of long-term, stable tenants with below-market rents and NNN leases, and offers ample parking and prominent signage. Tenants at the property include well-known franchises such as Subway, Round Table Pizza, Taco Bell, Carl’s Jr., and Check Center. The latter three tenants occupy their own separate retail pads.

“The property is a neighborhood center with services that cater to the daily needs of the local population. With the projected continued growth of the Fremont-Newark corridor, it is expected that demand for these services will increase as the area draws more residents to its relatively affordable housing and its easily accessible location,” said Alam.

Located on 5510-5650 Thornton Avenue in Newark, CA, Newark Square is a 50,047 square foot neighborhood shopping center located less than one mile away from the I-880 Nimitz Freeway and the intersection of Thornton and Cedar with an average daily traffic volume of 21,548 visitors. The area boasts a population count in excess of 160,000 people within a three-mile radius and a healthy average household income of $115,000.

About NAI Global
NAI Northern California is at the leading edge of technology, collaborative culture, and training, giving our local professionals a competitive advantage and creating better outcomes for our clients. We are consistently a top Commercial Brokerage in the Bay Area, and continue to grow our team and revenues.

NAI Global is the largest commercial real estate brokerage network. Founded in 1978, today NAI Global has more than 400 offices worldwide and over 7,000 professionals, managing over 425 million square feet of property. Global offices deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.

To learn more, visit www.nainorcal.com

Explore career opportunities with our winning team at www.nainorcal.com/careers

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NAI Northern California Represents $4.3M Sale of Two Mid-Market Retail Condos

SAN FRANCISCO, CA – May 16, 2017 NAI Northern California, the Bay Area presence for NAI Global, the largest commercial real estate brokerage network in the world, is proud to announce the sale of a record-breaking transaction of $4.3 million on two retail condominiums located in the emerging and revitalized Mid-Market corridor.
Vice President, Mary Alam, listed the deal and represented the seller for the properties located at 938 Market Street. Ms. Alam has worked in real estate and related fields for more than 10 years.
In this transaction, she worked with a foreign buyer looking to invest in the San Francisco market where she identified a profitable purchase for the buyer at a 3.75% CAP rate. With the high volume of leases nearing expiration, it is expected that rents in the area will continue to increase over time as they become replaced with higher rents as new leases are signed.
“This transaction is exciting, as it sets a price record per square foot at this location. It is a sign of even better things to come for the Mid-Market area,” says Ms. Alam, who specializes in leased investments with a focus on retail, office and hotel properties, as well as redevelopment opportunities throughout Northern California. She manages a sales portfolio of single and multi-tenant retail properties nationwide.
The recently sold 3,068 square foot retail property sits among a variety of high-end shopping avenues such as the 6X6 Retail Center, Westfield Center, Powell Street Hub, Nordstrom Rack and Saks Off 5th. The area of Market Street bordered by 5th Street on the north and Van Ness Ave on the south, known as Mid-Market, has garnered major investor attention in the past few years.
With Twitter occupying a location at Market and 10th Street and other high-tech firms and startups having followed suit, the area has many development projects underway that include hospitality, retail and multifamily.

About NAI Northern California
NAI Northern California is at the leading edge of technology, collaborative culture, and training, giving our local professionals a competitive advantage and creating better outcomes for our clients. We are consistently a top Commercial Brokerage in the Bay Area, and continue to grow our team and revenues.

NAI Global is the largest commercial real estate brokerage network. Founded in 1978, today NAI Global has more than 400 offices worldwide and over 7,000 professionals, managing over 380 million square feet of property. Global offices deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.

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NAI Northern California Represents $8.5MM Sale of 28-Unit Multifamily Property in San Francisco

San Francisco, CA – April 10, 2017– NAI Northern California, the Bay Area presence for NAI Global, the largest commercial real estate brokerage network in the world, is proud to announce the sale of a San Francisco multifamily property for $8.5 million dollars. Senior Investment Advisor, Joby Tapia of NAI, represented the buyer in the sale of the Valencia Street property.

Family owned for over 30 years, Mr. Tapia, helmed the buyer through an extensive process in selling the 28-unit multifamily property.

“Despite the lengthy and challenging Escrow process, I quickly identified the hidden needs of the seller and the appropriate buyer for the property so the seller could execute a 1031 exchange to increase cash flow for family needs,” Mr. Tapia explained.

Initially, the seller was seeking representation to lease restaurant space on the ground floor. Mr. Tapia’s extensive experience with property management and brokerage resulted in a substantial benefit to the buyer.

The multifamily property located at 901 Valencia Street in San Francisco was built in 1908 and is surrounded by a host of restaurants, bars and cafés. Equipped with 68 rooms within four stories and spanning over 18,000 square feet, this original San Francisco property reveals yet another trend in the market with buyers selling older multifamily real estate in exchange for lower-maintenance investments.

About NAI Northern California
NAI Northern California is at the leading edge of technology, collaborative culture, and training, giving our local professionals a competitive advantage and creating better outcomes for our clients. We are consistently a top Commercial Brokerage in the Bay Area, and continue to grow our team and revenues.

NAI Global is the largest commercial real estate brokerage network. Founded in 1978, today NAI Global has more than 400 offices worldwide and over 7,000 professionals, managing over 380 million square feet of property. Global offices deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.

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NAI Northern California Represents Buyer in $2.87MM Sale of Net Leased R&R BBQ in Utah

South Jordan, Utah – April 3, 2017 – NAI Northern California, the bay area presence of NAI Global with 400 offices and 6,700 professionals worldwide, is proud to announce the $2.875M sale of a Net Leased R&R BBQ in South Jordan, Utah. Investment Advisor Tim Setiawan of NAI, exclusively represented the buyers in their 1031 exchange.

Tim Setiawan found and researched numerous exchange options in advance of the clients’ downleg sale closing, bringing a team of professionals together.

“Once in contract to sell their 7-unit apartment building in San Francisco, an extensive national search was undertaken for NNN retail properties with much greater cash flow and much less management” stated Mr. Setiawan.

The property is a completely renovated 4,882 square foot restaurant, that opened in 2016. The operators plan to quickly expand this concept through South Jordan, a rapidly growing region of Utah. R&R BBQ currently operates two locations in Utah.Twin brothers, Rod and Roger Livingston, co-founded the brand in 2012 after years of winning barbeque competitions.

Nestled in a busy metropolitan plaza, this restaurant is next to big box retailers and medical offices, and is near Salt Lake City International Airport. The concept has quickly racked up 165 positive reviews.

About NAI Northern California
NAI Northern California is at the leading edge of technology, collaborative culture, and training, giving our local professionals a competitive advantage and creating better outcomes for our clients. We are consistently a top Commercial Brokerage in the Bay Area, and continue to grow our team and revenues.

NAI Global is the largest commercial real estate brokerage network. Founded in 1978, today NAI Global has more than 400 offices worldwide and over 7,000 professionals, managing over 380 million square feet of property. Global offices deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.

To learn more, visit www.nainorcal.com
Explore career opportunities with our winning team at www.nainorcal.com/careers

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