{"id":1004716822,"date":"2024-06-11T07:20:55","date_gmt":"2024-06-11T15:20:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004716822"},"modified":"2024-06-11T07:20:56","modified_gmt":"2024-06-11T15:20:56","slug":"primestor-pays-37m-for-bay-area-shopping-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/primestor-pays-37m-for-bay-area-shopping-center\/","title":{"rendered":"Primestor Pays $37M for Bay Area Shopping Center"},"content":{"rendered":"\n

<\/p>\n\n\n

\n
\"Hilltop
Hilltop Plaza has a high performing national and credit tenancy. Image courtesy of Primestor Development<\/em><\/figcaption><\/figure><\/div>\n\n\n

Primestor Development has purchased Hilltop Plaza, a 245,921-square-foot retail center in the East Bay city of Richmond, Calif., for $36.5 million. The acquisition, marking the company\u2019s entrance in the Northern California market, was arranged by JLL.<\/p>\n\n\n\n

The previous owner was Madison International Realty, according to CommercialEdge data. The company had acquired the asset for $31.8 million back in 2002.<\/p>\n\n\n\n

Since its inception, Primestor has invested more than $1 billion in urban, mixed-use real estate. In another recent deal, also brokered by JLL, Primestor has acquired the Esplanade Shopping Center<\/a>, a nine-building, 357,000-square-foot grocery-anchored property in Oxnard, Calif.<\/p>\n\n\n\n

An 88 percent leased retail center<\/h2>\n\n\n\n

Hilltop Plaza came online in 1996 on some 59 acres and includes 26 acres of undeveloped land. Besides actively negotiating with several prospective tenants, the new owner plans to revamp the retail center. SITE Centers handled leasing and property management prior to the sale.<\/p>\n\n\n\n

\n\n\n\n

READ ALSO:<\/strong> How Retail Properties Are Getting Greener<\/a><\/p>\n\n\n\n

\n\n\n\n

The shopping center was 88 percent leased at the time of closing. The property’s roster includes a diverse mix of national and regional retailers such as Ross Dress for Less, City Sports Club, dd\u2019s Discounts and Century Theatres, among others, boasting a long-term average tenant occupancy of more than 18 years.<\/p>\n\n\n\n

Located at 3190-4251 Klose Way, Hilltop Plaza is positioned along Interstate 80, in an area where the daily traffic count reaches approximately 190,000 vehicles, as reported by JLL. The retail center sees 3.2 million annual visits.<\/p>\n\n\n\n

JLL\u2019s Managing Directors Geoff Tranchina, Eric Kathrein, Gleb Lvovich and Warren McClean represented both parties in the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"

The acquisition marks the company\u2019s entrance in the Northern California market.<\/p>\n","protected":false},"author":3014,"featured_media":1004716828,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21749,1609,15],"tags":[32796,33189,52372,48215],"class_list":["post-1004716822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-retail","category-san-francisco","category-west","tag-jll","tag-madison-international-realty","tag-primestor-development","tag-site-centers-corp"],"acf":[],"yoast_head":"\nPrimestor Pays $37M for Bay Area Shopping Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Primestor Development has purchased Hilltop Plaza, a 245,921-square-foot retail center in the East Bay city of Richmond, Calif.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/primestor-pays-37m-for-bay-area-shopping-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Primestor Pays $37M for Bay Area Shopping Center\" \/>\n<meta property=\"og:description\" content=\"Primestor Development has purchased Hilltop Plaza, a 245,921-square-foot retail center in the East Bay city of Richmond, Calif.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/primestor-pays-37m-for-bay-area-shopping-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-11T15:20:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T15:20:56+00:00\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/Hilltop_Photo-e1718109836241.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/primestor-pays-37m-for-bay-area-shopping-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/primestor-pays-37m-for-bay-area-shopping-center\/\",\"name\":\"Primestor Pays $37M for Bay Area Shopping Center - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/primestor-pays-37m-for-bay-area-shopping-center\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/primestor-pays-37m-for-bay-area-shopping-center\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/Hilltop_Photo-e1718109836241.jpg\",\"datePublished\":\"2024-06-11T15:20:55+00:00\",\"dateModified\":\"2024-06-11T15:20:56+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\"},\"description\":\"Primestor Development has purchased Hilltop Plaza, a 245,921-square-foot retail center in the East Bay city of Richmond, Calif.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/primestor-pays-37m-for-bay-area-shopping-center\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/primestor-pays-37m-for-bay-area-shopping-center\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/primestor-pays-37m-for-bay-area-shopping-center\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/Hilltop_Photo-e1718109836241.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/Hilltop_Photo-e1718109836241.jpg\",\"width\":3945,\"height\":2961,\"caption\":\"Hilltop Plaza has a high performing national and credit tenancy with 7 years of WALT remaining. 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