(EDITOR’S NOTE: According to public documents, the property sold for $24 million, or roughly $300 per square foot. The buyer was an entity associated with San Diego-based Retail Opportunity Investment Corporation.)
San Francisco, CA (May 20, 2022) — Newmark announces it has completed the sale of the Village Oaks, a 79,875-square-foot grocery and drug anchored community shopping center located in Martinez, California for an undisclosed amount.
The property traded from the seller, an undisclosed private family investor, to the buyer, an institutional investment group. Newmark Vice Chairman and Head of Retail Capital Markets for Northern California Nicholas Bicardo and Associate Director Cheyne Bloch represented the seller in the transaction.
“The sale of Village Oaks marks the first time this asset has traded in over 20 years, which is a testament to the property’s dominant market position and long-term stability,” said Bicardo. “We continue to see a tremendous amount of capital for well-located retail, especially grocery-anchored, on the West Coast.”
Located at 1185 Arnold Drive, the 7.94-acre property is situated immediately off Highway 4. Anchored by Lucky California and Rite Aid (NAP), the asset is 96% leased to a diverse mix of other essential and necessity-based tenants within the ﬁnancial, medical, restaurant and service retail sectors. Village Oaks caters to a trade area of more than 63,000 people earning an average household income of $137,000 within the dense and afﬂuent East Bay submarket.
Neighboring Concord and Walnut Creek, the city of Martinez beneﬁts from strong affordability and residential home demand. In the last 10 years, Martinez has experienced some of the highest home appreciation rates of any community in the nation, exceeding 110% over that period, which is an average annual home appreciation rate of 7.71%, putting Martinez in the top 10% nationally for real estate appreciation, according to Newmark Research.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world.