| |
| June 11, 2004 |
Marin County Strip Center Draws Record Price |
| |
The University of California closed on the sale of the 155,000-square-foot Strawberry Shopping Center to Strawberry Village Retail L.L.C. for $70 million--an amazing $451 per square foot.
The price per square foot on the asset was more than triple last year's national average for strip centers, according to Real Capital Analytics and rivals some of the prices paid for top regional malls. The $451 per square foot is more than $100 over 2003's most expensive deal: Davis Land Co.'s $70 million acquisition of the 200,291-square-foot The Gardens on El Paseo in Palm Desert, Calif., which works out to $349 per square foot.
"The reason it was done at this time is that the University had a number of years ago embarked on a process to obtain entitlements to renovate the center," said Dan Wald, partner and senior vice president of BT Commercial/Terranomics, which was the listing agent on the deal. "It got those in late 2003 #&2026; The new owners will be able to expand the Safeway. In addition 31,000 square feet of existing inline space will be demolished and replaced with 40,000 square feet of new retail."
The buyer is an affiliate of LaSalle Investment Management Inc. They beat out 37 other bidders for the asset.
"Offers came in from pension fund advisors, REITs, real estate operating companies and private individuals," Wald said.
###
|
 |
|
|
