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4/21/15
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Dublin Place Shopping Center, a 283.5k sf retail shopping center in the East Bay city of Dublin, was acquired by American Realty Advisors for $51.1 mil, or $180/sf. It was sold by PFRS Dublin Corporation.
Dublin Place Shopping Center is located at 6920-7202 Amador Plaza Rd, 7590 Amador Valley Blvd, and 7505-7533 Dublin Blvd, north of I-580 and just west of I-680. The property is currently 97 percent occupied and anchored by a mix of strong tenants including Target, Hobby Lobby, Burlington Coat Factory, and Toys R Us.
According to Kirk Helgeson, Executive Vice President of American Realty Advisors, this asset is centrally located within a strong, growing submarket of downtown Dublin and is one of more than 150 commercial real estate assets American currently owns and operates throughout the U.S.
“Downtown Dublin, and this immediate location at the West Dublin/Pleasanton Bart Station, are the focal points for increased densification and infill development in the coming years, which will increase customer demand, the interest by retailers to this area and heighten returns for our investors,” Helgeson notes.
American plans to increase the value of the asset by marketing the existing vacant space to new tenants, bringing existing below market rate rents up to the current market rates, and upgrading existing shop buildings. Both American Realty Advisors and PFRS Dublin Corporation represented themselves in this transaction.
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