(EDITOR’S NOTE: The sales price on the property was $39 million, according to sources that track the sale of shopping centers in the San Francisco Bay Area and Northern California. First Washington Realty did not respond to an email seeking comment for this story. The seller of the property was a joint venture between PGIM Real Estate and Kimco Realty. These two firms had owned the property since 2006. PGIM did not reply to a phone message and Kimco Realty declined to comment when contacted for this story. The cap rate on this sale was 4.9 percent according to industry sources. This return is based on the property’s existing net operating income.)
First Washington Realty, a national real estate investment and management company, today announced the acquisition of Fairmont Shopping Center located in Pacifica, California. The Property sits at the key highly trafficked intersection of Hickey Boulevard and Skyline Boulevard, along the I-35 in the San Francisco metropolitan area. Fairmont Shopping Center contains 102,982 square feet of prime community-serving retail space and features two high performing anchor tenants, Safeway and Rite Aid. The submarket benefits from exceedingly high barriers to entry, a growing population base and low retail per capita in the immediate trade area.
First Washington Realty (FWR) is a fully integrated, national real estate investment and management firm that specializes in the ownership of convenience, necessity and experience-oriented retail real estate.
FWR currently owns 103 shopping centers with a value of over $5.5 billion located in 22 states and the District of Columbia. Our centers contain approximately 13.8 million square feet with approximately 2,500 tenants. The Company is headquartered in Bethesda, Maryland with offices in Dallas, Kansas City, and San Diego.