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3/18/25
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In a recent Bay Area retail buy, Doerken Properties, led by Peter Doerken, has acquired Empire Shopping Center, a 123.1k sf asset in Antioch, for $34.8 mil, or $283/sf. It was sold by Dunhill Partners. The deal closed at a 6.3% cap rate.
Empire Shopping Center is located at 5887 Lone Tree Way, northeast of Hwy 4, roughly midway between Oakland and Stockton. The property was about 90% occupied at time of sale. Major tenants include Old Navy, PetSmart, Office Depot, and Dollar Tree.
The transaction was financed with an acquisition loan of $23.75 mil provided by Bank of America.
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