PLEASANTON, CA—Due to a growing residential population in the surrounding area, development activity on the Pleasanton/Livermore border is brisk and an additional retail services center has been added to the list. Equity and debt capital in excess of $50 million has been raised for a soon-to-be-built 112,000-square-foot, grocery-anchored retail center, Pacific Pearl Shopping Center.
The capital was arranged by Holliday Fenoglio Fowler L.P. (HFF) on behalf of the developer, BHV Centerstreet Properties LLC. HFF worked with BHV Centerstreet Properties to arrange the joint venture equity partnership with a fund advised by UBS Asset Management. In addition, HFF secured the construction loan for the partnership through Wells Fargo Bank. The HFF debt and equity placement team representing the developer was led by senior managing director Bruce Ganong, managing director Nicholas Bicardo and associate directors Brandon Roth and Danny Reddin.
Ganong tells GlobeSt.com: "The closing of the Pacific Pearl transaction marks the third successful capital raise HFF has completed for BHV CenterStreet Properties in 2015 and we are pleased to have assisted in their continued growth." This third transaction represents more than $210 million in total capital raised.
Pacific Pearl Shopping Center's grocery anchor will be Marina Food, one of the Bay Area's most established Asian foods supermarkets. The center will feature an international food court and dim sum banquet restaurant in addition to a mix of traditional and Asian-oriented tenants. The 11.5-acre site is situated at the intersection of Stonebridge Drive and El Charro Road, immediately adjacent to Interstate 580 in Pleasanton. The site is across the street from San Francisco Premium Outlets and in the immediate vicinity of multiple retail and residential developments currently planned or underway.
"It will be exciting to see the Pacific Pearl project come on line, as it will provide much needed necessity-based retail services to the growing residential population in the surrounding area, and will serve the large and rapidly growing high-income Asian population in the Tri-Valley," Ganong said.
As previously reported, HFF recently marketed a Mountain View, CA property on behalf of the seller.
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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.
