FREMONT, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Pacific Commons Shopping Center has changed hands.
The seller of the 865,783-square-foot shopping center here in Fremont was an affiliate of Catellus Development Corp. The buyer was Chicago-based Heitman Real Estate Securities, which purchased the asset which was subject to an existing loan.
The legal team representing the seller was Gary McKitterick and Brent Weiss of Allen Matkins' Orange County office. Heitman was represented by Mike Liever, Jacobus Machalow, and Ari Grey of Orrick, Herrington & Sutcliffe's San Francisco office.
HFF, which marketed the property on behalf of the seller, exclusively tells GlobeSt.com that “In addition to being the most dominant and highest quality retail center within a 10-mile radius, Pacific Commons represented one of the only opportunities of 2013 to deploy $100+ million of equity into a core retail asset in Northern California in an environment where there continues to be absolute dearth of product." That is according to HFF managing director Nicholas Bicardo, who marketed the property along with director Mark Damiani and managing director Bryan Ley.
Pacific Commons is an 840-acre master planned, mixed-use development in the Silicon Valley area of California includes more than 1.1 million square feet of office and light industrial space (an Office Depot distribution center) and 839,000 square feet of retail, including Costco, Kohl's, Lowe's Home Improvement Center and many others.
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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.
