By Ariela Moraru
Cushman & Wakefield has completed three retail transactions in Northern California valued at more than $72 million. The firm negotiated the sale of Raley’s Town Centre in Rohnert Park, Riverpark Shopping Center in Fresno and Pinole Ridge Shopping Center in Pinole.
Argonaut Investments LLC acquired Raley’s Towne Centre from Codding Enterprises LP. Located at 101 Raley’s Town Centre in Rohnert Park, the 141,747-square-foot grocery-anchored shopping center has easy access to Highway 101 and is a five-minute drive from Sonoma State University.
Hastings Ranch Shopping Center LP bought River Park Crossings from a public real estate investment trust. Located at N. Blackstone Ave. and W. Alluvial Ave., just off Route 41, the 121,107 square-foot property is a five-minute drive from California State University, Fresno, and seven miles from Fresno Yosemite International Airport. The asset is located in an area with a population of around 101,000 within a five-mile radius with an average household income of around $73,000. Highland Partners represented the buyer of the grocery-anchored community shopping center.
Victory Village 2004 LLC bought Pinole Ridge Shopping Center from SyWest Development. Located at 1441 Fitzgerald Drive, within Pinole’s retail core, the 42,073-square-foot neighborhood shopping center is just off Interstate 80, with an average daily traffic of 200,000 cars. Tenants include AutoZone, FedEx, Dickey’s BBQ and Anytime Fitness. The asset is situated in an area with a population of around 208,000 within a five-mile radius with an average household income of $74,000.
Cushman & Wakefield executive managing directors Dan Wald and Don LeBuhn negotiated the sale of all three retail centers. The company has recently appointed a new head of retail for the Americas, David Gorelick.
Bay Area retail market
The Bay Area retail market recorded its highest quarterly sales volume, totaling $1.5 billion in trades during the first quarter of the year with an average cap rate of 4.8 percent, according to an Avison Young investment market report.
Images courtesy of SyWest Development