Bay Area Retail Center Funded for $50M-plus
- Dec 17, 2015
By Scott Baltic, Contributing Editor
A new 112,000-square-foot, grocery-anchored retail center in Pleasanton, Calif., in Alameda County in the East San Francisco Bay area, will be provided with more than $50 million in equity and debt capital, it was announced on Tuesday by Holliday Fenoglio Fowler L.P., which arranged the financing.
The property is the Pacific Pearl Shopping Center, on behalf of whose developer, BHV Centerstreet Properties LLC, HFF worked to arrange a joint venture equity partnership with a fund advised by UBS Asset Management. HFF also secured the construction loan for the partnership through Wells Fargo Bank.
The center will be anchored by Marina Food, an (evidently Asian-flavored) international food court and a Tilted Kilt Restaurant. Its 11.5-acre site is at the southwest corner of Stonebridge Drive and El Charro Road, immediately adjacent to I-580, and is across the street from San Francisco Premium Outlets.
The center will also feature 20 to 30 other tenants and about 617 parking spaces, according to the BHV Centerstreet website; the company itself did not respond to Commercial Property Executive’s request for additional information. The architect is FCGA, of Danville, Calif.
Construction will begin in spring 2016 and is slated for completion by spring 2017, with the grocery store and initial tenants opening that fall.
This funding is the third equity and debt raise HFF has closed with BHV Centerstreet Properties this year, representing more than $210 million in total. 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.
“The development activity at this location on the Pleasanton/Livermore border is significant,” Ganong said in a prepared statement. He added that Pacific Pearl “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.”
Pleasanton certainly has desirable demographics for retailers. It ranked number 17 in a March 2015 tally by NerdWallet.com (based on 2013 data) of the U.S. cities with the highest percentages of households earning more than $100,000 annually.