ORINDA, CA–Orinda Theatre Square, a 90,537-square-foot, mixed-use office and retail property has been sold. Holliday Fenoglio Fowler L.P. (HFF) marketed the asset on behalf of the seller, GLL Real Estate Partners GmbH. The buyers are affiliated with Dunhill Partners. The purchase price for the complex was rumored to be $30 million or roughly $330 per square foot.
The Orinda Theatre is a cultural centerpiece of the city and one of the most recognizable properties in the Bay Area with its distinctive neon marquee. Originally built in 1941, the Theatre was expanded in 1986 to its current Theatre Square eight-building configuration.
The HFF investment sales team included senior managing director and co-head of HFF's San Francisco's office, Steven Golubchik, managing director, Nicholas Bicardo, and senior real estate analyst, Brandon Rogoff. Golubchik tells GlobeSt.com:
“The Orinda office market is one of the East Bay's most exclusive submarkets, with the average occupancy of 94.5%, 600 basis points above the neighboring submarkets, like Walnut Creek. At 98% occupancy, Orinda Theatre Square is outperforming in the already-high Orinda office market.”
Anchored by the art deco-style, three-screen Orinda Theatre, the two-level property has 47,610 square feet of office space and 42,927 square feet of retail space that is currently leased to 34 tenants, including Starbucks, Serika Japanese restaurant, Sweet Dreams Toy Store, Entourage Spa & Salon, Morgan Stanley Smith Barney, Wells Fargo Advisors and Chicago Title.
“The Orinda Theatre is the crown jewel of the city, and an iconic and cultural centerpiece,” Golubchik continues. “Its neon marquee signage not only makes it one of the most recognizable properties in the Bay Area, but the property's proximity to Highway 24 makes Orinda Theatre Square one of the most accessible assets in the region.”
Located on the south side of Highway 24, the downtown corridor of Orinda, situated on 1.92 acres at 1 Theatre Square, the property is adjacent to the Orinda BART station. Highway 24 bifurcates the city with the tony Orinda Village occupying the opposite side, and is traveled by approximately 78.6 million people annually. Located less than 18 miles east of San Francisco, Orinda is an affluent Bay Area community with average annual incomes of $201,124 and median housing values of more than $1 million.
GLL Real Estate Partners GmbH (GLL) is a real estate fund management group with $7 billion under management. Formed in 2000, GLL serves an investor group that includes pension funds, insurance companies and sovereign entities. HFF offers a national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. As previously reported, HFF recently provided financing for a multifamily community in nearby Walnut Creek.
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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.
