SAN FRANCISCO-Two Northern California shopping centers have changed hands for a total of $55.8 million. The first sale was of Marin Gateway Shopping Center in Marin City, CA, which closed for a price of $36 million. The second sale was of Kohl’s Parkway Plaza Shopping Center in Napa, CA, which closed for a price of just north of $19.8 million.
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 Corp.
“Gerrity Group was the perfect buyer for the asset,” Wald points out. “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, 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 says. “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 the 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, says Wald.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
