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| April 23 , 2004 |
Upscale Walnut Creek Center Hits the Market
Rentv.com |
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Retail investors have the opportunity to acquire a primo NoCal property, as Plaza Escuela, a 153.9k sf upscale urban retail complex located in the heart of downtown Walnut Creek, has been put on the market. The property, which occupies a full block bounded by Olympic Blvd, S. California Blvd, Bothelo and S. Main, is being offered on a closed-bid basis. Although there is no set asking price, we understand that the center generates over $4.9 mil in annual net income, which, based on a 7% cap rate for comparable properties in the region, would give the property a value of $70 mil or so.
Built in 2002, Plaza Escuela is anchored by a 40k sf Andronico’s grocery store, the Container Store and Men’s Wearhouse. The property is currently 95% leased to a number of other high-profile tenants, such as Ann Taylor, Starbucks, Ruth’s Chris Steak House, Aaron Brothers and the California State Automobile Association. Dan Wald, Senior Vice President of BT’s Investment Services Group and Partner in the company is leading the BT Commercial Marketing Team. Marketing materials are being distributed throughout April and bids are scheduled to be solicited in mid-May. The ownership, a local family partnership, anticipates a mid-July closing for the transaction.
“Plaza Escuela is a world-class asset and a key component of Walnut Creek’s exciting downtown urban core” says Wald. “With its compelling tenant mix, pedestrian orientation, outdoor seating areas and attractive street-oriented urban design, Plaza Escuela provides a unique shopping experience for an extensive, high-income, suburban trade area”.
Wald tells us that the property is an integral part of Walnut’s Creek’s rapidly changing downtown, which has been transformed into a major retail hub for the East Bay. As examples, he points to other retail businesses in the area, including a Tiffany’s about a block away and the 680k sf Broadway Plaza regional mall directly across the street.
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