DUBLIN, CA–American Realty Advisors (American), an institutional real estate investment manager, has acquired the Dublin Place Shopping Center, a 283,506-square-foot retail shopping center for $51.1 million or slightly more than $180 per square foot. The property is currently 97% occupied and anchored by a mix of tenants including Target, Hobby Lobby, Burlington Coat Factory and Toys R Us. American acquired the center with an in-place stabilized revenue stream, yet will be able to maximize yields based on the desirable location in a rapidly growing market.
The center is located at 6920-7202 Amador Plaza Rd., 7590 Amador Valley Blvd. and 7505-7533 Dublin Blvd. within a strong, growing submarket of downtown Dublin. Adjacent to the intersection of Interstates 580 and 680, the center has a close proximity to the West Dublin/Pleasanton BART station.
American and the seller, PFRS Dublin Corporation, were self-represented in this acquisition. American plans to increase the value of the asset by marketing the existing vacant space to new tenants, bringing existing below-market rate rents up to current market rates, upgrading existing shop buildings and may have the ability to increase density on the site with additional commercial and residential space over time, according to Kirk Helgeson, executive vice president of American Realty Advisors.
American could not provide additional information to GlobeSt.com on the deal at this time but we will update this story if we learn more. Gary Steinhardt, a senior director in the investment group at American Realty Advisors, discussed what the firm looks for in suburban investments and how jobs drive demand earlier this month.
This is one of more than 150 commercial real estate assets American currently owns and operates. With approximately $6.7 billion in assets under management, American is an investment manager to institutional investors, and has provided real estate investment management services for more than 26 years. American acquires assets directly or provides equity, preferred equity, mezzanine debt, debt and hybrid debt to primary investors and developers operating throughout the country for office, industrial, multifamily and retail properties.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
