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1/20/23
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In an East Bay retail trade, Balboa Retail Partners purchased Pinole Square, a 91k sf retail community center in Pinole, roughly 17 miles north of Oakland. The property is located at 1201-1577 Tara Hills Dr, on the northwest side of I-80.
Pinole Square has been anchored by Safeway and CVS for over 50 years. Situated on 10 acres, the property is centrally located within the Pinole, Hercules, Richmond and San Pablo trade area. This vibrant retail market is home to the 1.3 msf Hilltop Mall, anchored by Macy’s, Hilltop Auto Plaza as well as Target, TJ Maxx, Michael’s Arts & Crafts, BevMo!, Toys R’ Us, Best Buy, Orchard Supply Hardware, ULTA and Cinemark.
The seller was a private family based in the Bay Area. Nicholas Bicardo and Cheyne Bloch with Newmark were involved in brokering the transaction. A price was not immediately disclosed.
According to Newmark Research, retail was the only sector to increase investment sales year-over-year. Investment sales across all property sectors declined 23% year-over-year and 27% quarter-over-quarter, in the third quarter of 2022. Even so, it was the second best third quarter on record.
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