ANTIOCH, CA-A 90,000-square-foot retail property at 2520 Sommersville Rd. in Antioch, CA, has changed hands. Formerly the location of a Gottschalks department store, the building is at the point position of the Sommersville Towne Center Mall, currently occupied by Macy's, Sears, Marshalls, Forever 21 and PacSun.
An undisclosed investor is behind the purchase and intends to lease space to synergistic tenants who fit the demographics and needs of the Antioch market, according to Transwestern, which brokered the sale.
“This property is an excellent high-exposure, high-identity location, with parking right at the entrance to the Sommersville Towne Center Mall,” says Transwestern SVP and director of retail operations John Sechser, based in Walnut Creek, CA. Sechser represented both the buyer and seller, NKT Development LLC, of San Luis Obispo, CA.
According to Sechser, “There is more than 1 million square feet of retail space in the immediate trade area and very few restrictions on the uses for this property. “Additionally, being less than a quarter mile from Highway 4 and fronting Sommersville Road, the space is highly accessible.”
The buyer, he says, is currently in negotiations with a pair of tenants that would occupy approximately half of the available space, which includes 10,000 square feet of mezzanine. Approximately 45,000 square feet is currently available, at an asking rate of $13 per square foot per year (payable monthly), plus triple net expenses.
“With its outstanding visibility and access to Sommersville Road,” Sechser adds, “this is clearly a great piece of investment property and an excellent place to do business.”
Transwestern retail associate Colby Mikulich, also based in Walnut Creek, assisted in the Towne Center transaction.
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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.
