SAN FRANCISCO, Ca., January 23, 2018 – Cushman & Wakefield announced today the sale of two significant multi-tenant retail investment properties. Completed in December 2017, by the San Francisco-based Retail Investment Advisors Team led by Executive Managing Directors, Dan Wald and Don LeBuhn, the sales represented a combined value of over $47 million in consideration.
In the first transaction, Wald and LeBuhn represented SPI Holdings as its exclusive agent in the sale of the 49,990 square foot TJ Maxx-Staples center located on Cleveland Road in Santa Rosa, California, adjacent to the Coddington Mall. Though not a part of the offering, the center also featured Orchard Supply Hardware. The buyer was a private capital partnership in a 1031 exchange and utilized Terry Daly of Cushman & Wakefield Debt and Structured Finance Group to secure acquisition financing.
In the second transaction, Wald and LeBuhn, were the exclusive agents for the local property owner and original developer of Pacheco Plaza Shopping Center, located in Novato, California. The 66,619 square foot property is grocery-anchored by an upper-end Nugget Market and 92% leased with a new Chase Bank branch and 20 successful e-commerce- resistant retail tenants, predominantly restaurants and neighborhood-serving merchants. Pacheco Plaza was sold to an asset manager of private equity real estate funds.
“By demonstrating the low market-area vacancy rate and strong tenant performance in Santa Rosa, the Team was able to generate multiple qualified offers from investors’ seeking quality properties in healthy Northern California markets,” Mr. LeBuhn said.
Wald added, “In the case of Pacheco Plaza, we also received multiple competing offers as the owner successfully repositioned its center with a high-end Nugget Market after Safeway vacated to occupy a newer property. Our Team was able to highlight the fact that Nugget Market was the perfect tenant for the high-income trade area demographic and would thus enhance the character of the Property and its going-forward, long-term rent roll and income stream.”