The one-story retail center is currently leased to Bank of America, Row House and Apizza.
BELMONT, CA—Sares Regis Group of Northern California has closed escrow on a fully leased retail center at The Ashton, a new luxury condominium community. The property was developed by Sares Regis Group of Northern California's affiliate, Regis Homes Bay Area.
The Ashton has sold out of its 74 residences across two four-story residential buildings. Moreover, the one-story approximately 4,900-square-foot retail center is currently leased to Bank of America, Row House and Apizza.
"We're grateful that we have been able to enliven El Camino Real with the addition of new retail and housing," says Jeff Smith, senior vice president of residential development at Sares Regis Group of Northern California. "As we hand off this retail center, we're confident that these businesses will thrive and become a true amenity to the existing neighborhood, and the new residents and guests of The Ashton."
The Ashton broke ground in late 2016 and began selling homes in late 2018. The transit-friendly property is located in the City Center neighborhood of Belmont at the corner of Davey Glen Road and El Camino Real, is near Highway 101 and within walking distance of the Belmont Caltrain station.
Regis Homes Bay Area's financial partner on the project was Tricon Capital, while the design/development team included architectural design firm Dahlin Group, civil engineer BKF Engineers, structural engineer Nishkian Menniger and general contractor Regis Contractors Bay Area.
"We're handing off this retail center with the confidence that these businesses will thrive in this El Camino Real location," Smith tells GlobeSt.com. "With the Belmont Caltrain station within walking distance and the 101 freeway so close, we're excited to watch this transit-friendly new community become a part of this growing stretch of El Camino Real."
Indeed, multifamily and single-family housing are highly favored as housing needs continue to change for Millennials and Baby Boomers, according to Urban Land Institute's Emerging Trends Report for 2020.
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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.
