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November 27, 2020
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Jewell Capital LLC Finds a Jewel in $22.5 Mil Bay Area Retail Purchase


Del Norte Marketplace, a fully leased, 64.3k sf pharmacy-anchored shopping center located in the San Francisco Bay Area community of El Cerrito, was acquired by Miami-based Jewell Capital LLC in a recent $22.5 mil deal. The transaction included Jewell assuming the existing debt.

Del Norte Marketplace is a major East Bay, drug-anchored retail center that was guided through a multi-year repositioning by RBL Real Estate, the seller. The property now provides a long-term, stable income stream and potential to add density to the site in the future. It is home to a mix of e-commerce resistant and essential tenants, including Walgreens, Ross Dress for Less, dds Discounts and IHOP.

Situated at 11511-11565 San Pablo Ave, Del Norte Marketplace is in El Cerrito, an infill East Bay retail market with an average annual household income exceeding $140,510. Positioned directly across the street from El Cerrito Del Norte BART station, the busiest BART station in Contra Costa County, the center boasts a transit-oriented location along San Pablo Ave (Hwy 123) and has direct visibility and access to the I-80 Fwy.

Eric Kathrein, Tim Kuruzar, Bryan Ley and Jake Dempsey with JLL Capital Markets Investment Advisory team represented RBL in the transaction. According to Kathrein, investors responded very positively to the attractive tenancy, long term-leases and strength of location, which resulted in multiple competitive offers.

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