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12/26/19
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GRI Fairmont, LLC, an affiliate of First Washington Realty Inc, has purchased Fairmont Shopping Center, a 103k sf shopping center anchored by Safeway in the Bay Area. The property is situated on 7.46 acres at 705-799 Hickey Blvd in Pacifica, a coastal community between San Francisco and Half Moon Bay.
Although we don’t have the sale price, we can report that the purchase was funded a $19.6 mil acquisition loan. The 10-year, fixed-rate loan was originated by Greg Brown, John Marshall and Bercut Smith with JLL Capital Markets, and funded through PGIM Real Estate Finance.
Anchored by a high-performing Safeway, the 96%-leased Fairmont Shopping Center is also home to an internet-resistant tenant lineup, including Rite Aid, Dollar Tree, Supercuts, Banfield Pet Hospital, American Sushi House, Starbucks, Southland Nails, Ernie’s Wine & Liquor and Rockway Beach Optometry. Completed in 1966, the retail center was remodeled in 2015 and 2018.
Fairmont Shopping Center is at the high-traffic intersection of Hickey and Skyline Boulevards, where it is visible to approximately 45,860 vehicles per day. Less than half a mile south of the Pacific Coast Highway, the retail center is in a growing trade area with an anticipated population increase of 4.2% over the next five years, and more than 163,953 residents earning an average annual household income of $134,610 live within a three-mile radius of the property.
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