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1/28/13
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Dallas, TX-based Dunhill Partners has purchased Nut Tree Retail Phase 1 and Nut Tree Plaza in Vacaville. The sale included 323.3k sf of retail and office space along with the Nut Tree Plaza amusement park on 30 acres. The assets were sold this past December by Westrust Ventures LLC.
Westrust first began developing Nut Tree Retail Phase 1 in 2003. Since then, the property has become the dominant retail lifestyle center in Vacaville and Solano County. The Nut Tree draws significantly from the 80 million passengers traveling annually along the stretch of I-80 that connects the San Francisco Bay Area with Sacramento. Westrust still owns 36.4 acres of the Nut Tree Master Plan, and as the Master Developer, will continue to be active developing the remainder of the Nut Tree in 2013 and 2014.
Palmer Capital represented the seller, while Dunhill Partners West represented the buyer in this transaction. The price was not disclosed.
The heart of the Nut Tree is the 330.7k sf “Retail Phase 1” portion of the project which is anchored by Best Buy, Sport Chalet, HomeGoods, PetSmart, Old Navy, BevMo, ULTA and Kirkland’s, and is complemented by smaller national/regional tenants and unique local, sole proprietorship tenants. The Nut Tree has attracted tenants from all over the Bay Area including Fentons Creamery from Oakland and Amici’s East Coast Pizzeria from San Francisco.
Retail Phase 1 is approximately 92% leased. With Nut Tree Plaza strategically located in the center of the Retail Phase 1 mixed-use, two-story area, this portion of the project now serves as the major destination for Nut Tree visitors. Some of the largest marketing events in the County, such as the Northbay Wine & Food Jubilee and Vacaville Jazz Festival are also now held at the Nut Tree, driving significant regional traffic to the complex.
Westrust principals will continue to develop the remaining 36.4 of the Nut Tree Master Plan. This includes: 1) Retail Phase 1 – Pad R2 Building totaling 7.5k sf on 1.6 acres and which is preleased to three retail tenants; 2) Retail Phase 2 totaling 40.4k sf on 3.4 acres and which is preleased to Cost Plus World Market and Michaels; 3) Retail Phase 3 totaling 62.1k sf on 8.6 acres and which is partially preleased to several national and regional tenants; 4) the Nut Tree Apartments totaling 216 units on 12.0 acres and which will be sold to an apartment developer in 2013; and 5) the Nut Tree Office Park totaling 100k sf on 10.7 acres and which will be offered for sale in 2013 to small parcels to office and R & D users.
When completed, the seven-phase Nut Tree Master Plan will include 395k sf of retail space, 216 multifamily units, 140k sf of office area, a 1.8-acre amusement park, and a 3.3-acre event center. The City of Vacaville controls an adjacent 13.6 acres where a 220-room hotel and 30k sf convention center are planned.
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