By Keith Loria
Fairborne Properties has acquired The Streets of Brentwood, a 358,615-square-foot grocery- and theater-anchored lifestyle center in Brentwood, Calif., from a fund managed by DRA Advisors. NKF Capital Markets represented both parties in the transaction.
Located at 2455 Sand Creek Road in the San Francisco Bay Area, the center includes a 14-screen AMC Theatre, DSW, ULTA and a new Sprouts Farmers Market. Also among the roster of tenants are Sports Fever, AT&T, Bath & Body Works, Chico’s, Express, Justice and many more.
“The Streets of Brentwood has experienced a significant upgrade to the quality and stability of its tenant roster over the past five years and has become the ‘go-to’ center in an affluent trade area where experiential shopping is limited,” Nicholas Bicardo, NKF Capital Markets’ vice chairman, said in a prepared statement. “We had a tremendous amount of capital chasing this opportunity given the continued growth prospects of the trade area and quality of the asset.”
Data collected by NKF Capital Markets reveals that the center sees approximately 70,000 cars travel by it daily, thanks to its close proximity to the well-traveled Highway 4.
Possible future growth
The Streets of Brentwood is situated on nearly 49 acres and contains fully-entitled development parcels totaling about 12 acres that can support another 80,000 square feet of retail or outparcels that work for quick-service restaurants. According to the terms of the deal, Fairborne Properties has the opportunity to add multifamily on one of the parcels.
In May, NKF Capital Markets arranged the $39.7 million sale of 302 Carson, a Class A office tower in downtown Las Vegas. In another recent deal, NKF Capital Markets brokered the sale of a 133,000-square-foot office building in Westlake Village, Calif.
The NKF Capital Markets team on the deal also included Managing Director Brandon Rogoff.
Image courtesy of NKF