Tri-Valley Retail Tenancy Draws from Diverse Pool
The 112,000-square-foot Pacific Pearl Shopping Center is already 90% leased and opened, located off of Interstate 580 at 2693 Stoneridge Dr., across the street from the San Francisco Premium Outlets.
PLEASANTON, CA—The 112,000-square-foot Pacific Pearl Shopping Center is now open and is already 90% leased. It is located off of Interstate 580 at 2693 Stoneridge Dr., across the street from the San Francisco Premium Outlets and near Las Positas Golf Course.
The Asian-themed retail center is anchored by 99 Ranch Market. Newly opened tenants include 85°C Bakery Café, Bambu, Bonchon, Candy Doll Beauty, MUMU Hot Pot, Sugar Dynasty, La Salon Spa, Kura Revolving Sushi Bar, Poke Moana Restaurant, Pure Organic Nail Salon, Snowflake Dessert House, Basil Delight, Tak Yuan Herbal, Fiery Shanghai, Bak Kung, KW Restaurant, Yummy Chengdu, East Bay Vision Optometry, Lern Education, Brilliant Minds Academy and Pleasant Dental Care, according to Danville, CA-based Blake|Griggs Properties.
“We’ve enjoyed very strong interest in Pacific Pearl for its great location in the Tri-Valley,” according to Ryan McNamara of Blake|Griggs. “Pacific Pearl is meeting a significant market need, and the tenant-mix is already drawing well from this diverse and growing San Francisco East Bay market area.”
East Bay regional center inventory is 5.15 million square feet with nearly 400,000 square feet available, according to second quarter research from John Cumbelich & Associates. When compared to the North and South bays, the East Bay experienced a smaller decrease in occupancy from 96.66% to 92.23%, GlobeSt.com learns.
“Successful developers and projects often target or anticipate demographic shifts, and the Pacific Pearl shopping center is demonstrating that truism in meeting the demand for Asian-themed retail in the Tri-Valley,” Kelvin Tetz, Moss Adams’ national real estate practice leader, tells GlobeSt.com. “The Pleasanton-Dublin-San Ramon greater area has a growing Asian population that now comprises about 30% of residents, and the region is also the fastest job-generator in the entire Bay Area.”
In fact, Census data shows California has the second-largest Asian population in the US by percentage at 16%, after Hawaii at 56%. Only 6% of Americans overall are Asian-Americans, in which the three largest groups are Chinese, Filipino and Indian. The interesting aspect is growth: Asian-American population grew about 70% from 2000 to 2015, to a total of 20 million, the fastest ethnic/racial group.
“Asian-themed retail and restaurants also have more than mere ethnic appeal, especially for diners of all backgrounds seeking interesting food and restaurant options, and Pacific Pearl has many,” Tetz tells GlobeSt.com.
Leasing is being managed by GD Commercial and Vestar is the property manager. Pacific Pearl’s equity capital was provided by UBS in joint venture with Blake|Griggs and the construction financing was provided by Wells Fargo. The project design was by FCGA Architecture. Deacon Construction was the general contractor.
Blake|Griggs Properties Inc. has a $1 billion pipeline of Bay Area mixed-use and retail development projects in in-fill markets. Its primary focus is the Bay Area but the firm has projects along the West Coast.