SAN FRANCISCO—Diamond Heights Shopping Center is a 75,630-square-foot grocery- and drug-anchored center located at 5214-5290 Diamond Heights Blvd. The center serves the neighborhoods of Diamond Heights, Noe Valley and Glen Park.
The property is anchored by one of the highest-performing Safeway stores in the chain that has been in operation for more than 50 years at this site. The balance of the property is occupied by daily-needs tenants including Walgreens, Bank of America and the United States Postal Service.
The shopping center recently sold for $48 million to Donahue Schriber, according to a source close to deal. This transaction marks the first time in nearly 40 years that the Diamond Heights Shopping Center has been available to the investment market.
“There are a lot of negative headwinds in the press about retailers and the state of the retail industry. However, for well-located necessity-based grocery anchored assets, the investment market is a strong as ever,” NKF Capital Markets director Brandon Rogoff tells GlobeSt.com. “The success of the Diamond Heights transaction proves that not all retail investment opportunities should be treated with the same broad brush stroke.”
NKF vice chairman Nicholas Bicardo, associate director Bryce Holman and Rogoff represented the private seller in the transaction.
“The asset's location, size and rich operational history checks every box for both institutional and private investors. Diamond Heights was one of the most sought-after grocery-anchored assets on the West Coast in this cycle,” said Bicardo.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
