To hear the listing team describe it, 1372 South California Blvd., in downtown Walnut Creek, CA, is the perfect investment property. It is a 25,520-square-foot two-tenant retail property anchored by a strong performing Trader Joe's and Pet Food Express backed by CVS credit. Sansome Pacific Properties was the seller, represented by Putnam Daily, Lindsey Snider, and Michael Maffia with Preserve West Capital.
"There is an incredible amount of demand for well-located, high-quality net lease retail investments anchored by high-volume grocery tenants like Trader Joe's," Daily said at the time of the sale. "With limited supply of opportunities in this space, especially those with long-term development potential, we experienced as much inquiry and interest as we have had for an opportunity in the last decade."
After receiving multiple offers the first week of marketing, Sansome Pacific Properties selected Loja Real Estate, which paid the full asking price for the property.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
