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5/24/16
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Olivera Crossing, a 47.6k sf, neighborhood shopping center in the Bay Area city of Concord, was acquired by Sterling Organization in a recent $12 mil ($252/sf) transaction. The asset was purchased via the firm’s institutional fund Sterling Value Add Partners II, LP (SVAP II).
Olivera Crossing is anchored by a brand new Planet Fitness. Olivera Crossing was originally developed in 1960 and was most recently renovated in 2005. At present, the property is 77% occupied.
The property is located at the intersection of Port Chicago Hwy and Olivera Rd, approximately 30 miles northeast of downtown San Francisco and five miles from the former Port Chicago U.S. Naval Station. Over 92,000 people live within a three-mile radius of the property, where the average household income is approximately $76,000.
“The property is a fundamentally sound retail real estate asset that serves a dynamic and growing Bay Area submarket,” said Brian Kosoy, Managing Principal, President and CEO of Sterling Organization. “We believe Olivera Crossing represents a solid opportunity to add value through lease up and our team intends to leverage off of the increased daily traffic to the center resulting from Planet Fitness’s recent occupancy.”
Dan Wald of Cushman & Wakefield represented Sterling Organization, a vertically integrated private equity real estate investment firm headquartered in Palm Beach, FL.
Olivera Crossing is Sterling Organization’s second acquisition in California in the last eight months. Its first acquisition was in September 2015 when the firm purchased the grocery-anchored shopping center Oceanside Town & Country in San Diego County via the same private equity fund, SVAP II. The 87.7k sf center in Oceanside was acquired for $15.7 mil from Prudential Real Estate Investors and Kimco Realty Corporation.
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