San Francisco, CA, October 5, 2011 – Cassidy Turley Northern California announced today that it has completed the sale of two Northern California shopping centers with a total value of over $55.8 million. The first sale was of Marin Gateway Shopping Center in Marin City, California, which closed for a price of $36,000,000 on August 25, 2011. The second sale was of Kohl’s Parkway Plaza Shopping Center in Napa, California, which closed for a price of $19,825,000 on August 23, 2011.
Dan Wald, Partner and Dave Nord, Vice President of Cassidy Turley led the marketing team for both properties. Mark Koenig and John Schaefer of Cassidy Turley Northern California’s retail leasing division, Terranomics Retail Services, partnered in the marketing effort as leasing market specialists.
The buyer of Marin Gateway Shopping Center was an affiliate of the Gerrity Group. The seller was the Bay Area Smart Growth Fund, an affiliate of PCCP, LLC in partnership with the Marin County Community Development Corporation.
“Gerrity Group was the perfect buyer for the asset,” said Wald. “While PCCP turned Marin Gateway into a successful community-serving shopping center after a period of management distress, Gerrity will take it to the next level. In fact, Gerrity Group was formed to acquire well-located shopping centers where it can add value and create additional quality by investing in capital improvements, operations and management.”
The buyer of Kohl’s Parkway Plaza Shopping Center was an affiliate of Cole Real Estate Investments, based in Phoenix, Arizona, and was represented by Scott Holmes, Vice President of Acquisitions. The seller was an affiliate of Lubert Adler Partners.
According to Wald there were several bids for the asset. “Downtown Napa has come a long way over the last years in creating a retail and entertainment destination,” Wald said. “Our team’s local market knowledge allowed investors to understand that Napa is generally under-retailed, demand is strong and growing, and that barriers to entry should significantly contribute to Kohl’s success as a tenant.”
Prior to placing the Parkway Plaza on the market, the seller leased this prime downtown Napa location to Kohl’s, bringing back to life the then-vacant Mervyn’s store. The property also features five in-line tenants that cater to local residents as well as Napa’s active tourist and visitor shoppers. The property is adjacent to the high profile Napa Town Center development and, with Kohl’s in place, serves anew as its department store anchor.
Wald added, “These successful marketing assignments once again demonstrate the value of the Cassidy Turley investment sales platform. In these uncertain times, where overall rent levels and tenant demand may be in flux, local market knowledge must be combined with capital markets expertise to maximize values for sellers.”
As of August 2011, Dan Wald’s Retail Investment Sales Team has closed over 75 retail investment transactions comprising over 8,500,000 square feet with a combined value of over $1.375 billion.