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3/03/25
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Brixton Capital has acquired Washington Square, a 215.5k sf shopping center in the Bay Area city of Petaluma, for $67.5 mil, or $313/sf. The eight-building property was sold by El Segundo-based Paragon Commercial Group.
The property is strategically located at 301 S. McDowell Blvd, just east of Hwy 101, roughly 40 miles north of San Francisco. Washington Square benefits from high visibility at one of the area’s busiest intersections and offers 12 points of ingress and egress.
“Washington Square is a premier asset in an affluent, supply-constrained market with over 1,200 multifamily units in various stages of development,” said Brixton Capital’s Managing Director of Investments Dan Sutherland. “The limited retail inventory and high barriers to entry made this an ideal addition to our portfolio.”
With a diverse mix of grocery, dining and daily-needs retail tenants, Washington Square is more than 99% leased. According to JLL research, Washington Square ranks in the 97th percentile of U.S. neighborhood shopping centers by annual visits and is the most trafficked center within a 15-mile radius. The shopping center is anchored by the top-performing Safeway in a 30-mile radius and features key tenants such as Staples, Harbor Freight Tools, Planet Fitness, Five Below and Marin Health.
The center was originally built in 1971 and later renovated in 1996. Brixton Capital plans to enhance the property with parking lot improvements, roof replacements, exterior painting, HVAC upgrades and façade enhancements. Additionally, landscaping renovations and updated signage will be implemented to elevate the center’s overall curb appeal.
JLL’s Bryan Ley, Eric Kathrein and Warren McClean represented the seller in the transaction, while Brixton Capital represented itself.
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