Sale of trophy San Francisco Bay Area grocery-anchored retail center closed by HFF
SAN FRANCISCO, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Alamo Plaza, a 195,147-square-foot, fortress, grocery-anchored shopping center in the San Francisco Bay Area community of Alamo, California.
HFF marketed the property on behalf of the seller, Invesco Real Estate. Donahue Schriber purchased the asset.
Alamo Plaza is the only grocery/drug-anchored shopping center in Alamo, an affluent East Bay community. Consisting of seven multi-tenant and single-tenant buildings, the 93-percent-leased center is home to a variety of national and regional tenants, including Safeway, Rite Aid, Richards Crafts, Bank of America, 24 Hour Fitness, Panera Bread, Wells Fargo, Peet’s Coffee & Tea, Xenia Restaurant, Alamo Pet Care and Bagel Street Café. Situated on 18.05 acres at the northwest corner of Stone Valley Road and Danville Boulevard in Alamo, Alamo Plaza is proximate to an on- and off-ramp to Interstate 680 and is midway between Walnut Creek and Danville.
The HFF investment sales team representing the seller was led by Nicholas Bicardo, Danny Reddin and Brandon Rogoff.
“Alamo Plaza is a top-tier grocery/drug-anchored center in the Bay Area and one of the most sought after retail assets that have come to market since the downturn,” Bicardo said. “The combination of location, surrounding demographics, tenant roster and embedded value with below-market leases checked every box for all investor groups and resulted in an extremely competitive bidding process.”
About Invesco Real Estate
Established in 1983, Invesco Real Estate manages $61.9 billion of real estate investments, including $36.8 billion in direct real estate investments and $25.1 billion in real estate securities (as of June 30, 2015). With more than 400 employees in 20 offices worldwide, the group focuses on top-down market and property fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for more than 25 years, contributing to the consistent implementation of Invesco’s investment strategy and resulting performance. Additional information is available at www.invescorealestate.com.
About Donahue Schriber
Donahue Schriber is a privately held real estate investment trust (REIT), which owns and operates 66 shopping centers representing over 10 million square feet of retail space throughout California, Nevada, Oregon and Washington. For more information about the company, visit its website at www.DonahueSchriber.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 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.