Sale of newly-built San Francisco Bay Area retail center closed by HFF
SAN FRANCISCO, CA – July 26, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of a Real Estate Investment Trust (REIT) that owns Alameda Landing, a newly-built, 165,777-square-foot, grocery-anchored shopping center in the San Francisco Bay Area community of Alameda, California.
HFF represented the seller, Catellus. AFL-CIO Building Investment Trust, for which PNC Bank is trustee and PNC Realty Investors, Inc. is investment advisor, purchased the REIT free and clear of existing debt but subject to certain preferred stock holders.
Situated on almost 80 acres at 2600-2700 Fifth Street, Alameda Landing is located on Alameda Island, an affluent community in the heart of the San Francisco Bay Area. The center is accessible from Interstates 80, 580, 880 and 980 and adjacent to the Webster Street Tube, which is less than a quarter of a mile away from the subject property. Alameda Landing is 86 percent leased to national and regional tenants, including grocery-anchor Safeway, Michaels, Orange Theory Fitness, Chipotle, AAA Insurance and Bank of America. Alameda Landing is also shadow-anchored by Target.
The HFF retail investment sales team representing the seller was led by managing director Nicholas Bicardo.
“Alameda Landing is one of the highest-quality, newly-built grocery-anchored retail centers in the Bay Area,” Bicardo said. “Deals of this scale and quality rarely come available in the San Francisco Bay Area. This will be a trophy in the buyer’s portfolio for generations to come.”
Catellus is a national leader in mixed-use development, solving some of America’s most complex land challenges. With nearly 30 years of experience as a master developer, Catellus has transformed former airports, military bases and urban industrial sites into thriving retail, residential and commercial communities. Catellus also excels at executing the retail and office components of these complex projects, often serving as the vertical developer. Visit http://www.catellus.com for more information.
About AFL-CIO Building Investment Trust
The AFL-CIO Building Investment Trust (BIT) is a bank collective trust fund for which PNC Bank is trustee. The BIT is limited to pension and retirement plans with union member beneficiaries. PNC Realty Investors, Inc. (PRI) provides investment advisory and management services to PNC Bank in connection with the BIT. The primary objective of the trust is to provide competitive risk-adjusted returns for its participants through its investment in institutional quality, commercial real estate with ancillary objectives of promoting economic development and creating union jobs. As of December 31, 2015, the BIT, over its 27-year history, has directly or indirectly invested over $6.3 billion for the development and acquisition of more than 200 office, retail, multifamily, hotel, warehouse and mixed use properties across the country.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.