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8/03/16
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Uptown Monterey, a 25.6k sf neighborhood shopping center in Monterey, sold for $12 mil ($469/sf). Positioned along California’s Central Coast, the fully leased property is anchored by Trader Joe’s and Pharmaca, and enjoys an in-fill location in Monterey’s downtown commercial district.
The center will also include a beer garden by Fieldwork Brewing Co. of Berkeley, who would not take occupancy of the property until after the close of escrow. The beer garden’s design is based around a re-purposed shipping container, similar to another location they have in San Francisco’s AT&T Park. Since they won’t be serving food, patrons are encouraged to bring their own. Other tenants at the property include R.G. Burgers, Verizon Wireless, Massage Envy, Ike’s Place, Chipotle and Peet’s.
Dan Wald, Don LeBuhn and Eric Kathrein of Cushman & Wakefield’s Retail Investment Advisors represented the seller, a partnership of the Pratt Company and Foothill Partners. The buyer, Retail Opportunity Investment Corporation, repped itself. Michael Schoeder, Managing Principal of Cushman & Wakefield’s Monterey Peninsula office, provided local market knowledge and expertise.
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