By Jon Peterson
A private partnership based in Lafayette, Calif. has placed on the market for sale the 33,575-square-foot vacant retail asset known as the Rosemont Square shopping center in Newark. The asking price for the property is $13.5 million, or roughly $402 per square foot, according to the property’s offering document. The initial asking price for the asset was $14.4 million, which has since been reduced.
The seller has owned the property since 1998, according to published reports reviewed by The Registry, and the listing agent on the sale is Matthews Real Estate Investment Services, which has an office in Costa Mesa. The person working on the transaction is Devon Dykstra, director of retail, for the company. She did not respond to several phone calls seeking comment for this story.
The shopping center is located at 35156 Newark Boulevard, and there are no tenants inside the property at the moment. There are three separate parcels that are part of the asset. These include one existing building that sits on a lot of roughly 2.5 acres, a second building is situated on parcel of 0.76 acres and a third parcel of land that is roughly 1.34 acres has no structures built on it. All of the land for the property is zoned for community commercial use.
This type of property has the propensity to attract a developer buyer who would look for a new project opportunity on the site. One portion of the site could be suitable for the development of a property to house a second-generation grocery anchor tenant. According to the property’s offering document, the asset benefits from over 700,000 residents living within a 10-mile radius of the property with an average household income of $150,026. These figures represent a relatively strong retail opportunity for any future tenants.
In addition, Rosemont Square has direct access to Highway 84. This is significant because the roadway sees an average of 76,000 vehicles passing by the retail center each day. Another benefit of the location is the property’s proximity to both existing retail operations and major employers in the area. The retail tenants that are close by include CVS Pharmacy, Safeway, Sprouts, 99 Ranch Market and Ross. Some corporate offices located nearby include Lucid Motors, Allogene Theraputics, Meta, Vector Labratories, Acorn and Stanford Medical satellite offices.