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7/12/18
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The Streets of Brentwood, a 358.6k sf, grocery-and theatre-anchored lifestyle center located in the San Francisco Bay Area, was acquired by Fairborne Properties. The center includes a 14-screen AMC Theatre, DSW, ULTA and a new Sprouts Farmers Market.
The asset was sold by a fund managed by DRA Advisors. Although a price was not immediately given out, we’ve heard the property traded for almost $86 mil ($240/sf).
The property is located at 2455 Sand Creek Rd, east of Hwy 4, about equidistant between Oakland and Stockton. The Streets of Brentwood benefits from nearly 70,000 cars that travel by it daily due to its proximity to Hwy 4.
Situated on approximately 49 acres, the property is also being delivered with fully-entitled development parcels totaling nearly 12 acres that can support an additional 80,000 square feet of retail as well as outparcels suitable for quick-service restaurants. Fairborne Properties also has the opportunity to add multifamily on one of the parcels.
Nicholas Bicardo and Brandon Rogoff with NKF Capital Markets represented the seller in the transaction.
“The Streets of Brentwood has experienced a significant upgrade to the quality and stability of its tenant roster over the past five years and has become the ‘go-to’ center in an affluent trade area where experiential shopping is limited,” said Bicardo. “We had a tremendous amount of capital chasing this opportunity given the continued growth prospects of the trade area and quality of the asset.”
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