Grosvenor Americas Sells Hamilton Marketplace in Novato to DWS for $67.25MM

Hamilton Marketplace Novato Grosvenor Americas DWS Newmark

(EDITOR’S NOTE: According to public records, the price for Hamilton Marketplace that DWS paid was $67.25 million, or roughly $740 per square foot.)

100% occupied 90,769-square-foot retail center anchored by Safeway

Grosvenor Americas (‘Grosvenor’), a privately owned international investor and developer, announces the sale of Hamilton Marketplace at 5800 Nave Drive in Novato, California. Grosvenor originally developed the open-air community shopping center in 2008, which was one of the first centers in North America to use solar energy to power its community space.

“As the original developer, Grosvenor maintained pride of ownership during its 13-year investment throughout the evolution of Northern Marin,” said Mark Purdy, Senior Vice President, Investment with Grosvenor Americas. “This sale provides us the opportunity to reallocate capital and expand our placemaking through reinvestment in the San Francisco Bay Area.”

Hamilton Marketplace is a meticulously maintained, grocery-anchored shopping center conveniently adjacent to the freeway over which approximately 173,300 vehicles pass daily. Anchored by Safeway, the 90,769 square-foot Hamilton Marketplace is 100% occupied. With its exceptional quality and mix of offerings, Hamilton Marketplace is Novato’s preeminent community center. The retail mix is robust, fulfilling both essential and daily needs of the local resident. Other lifestyle tenants include Pet Food Express, Super Duper, Peet’s Coffee, Wells Fargo, Toast Restaurant, and Cycle Bar.

Nicholas Bicardo, Vice Chairman with Newmark Retail Capital Markets, represented Grosvenor in the transaction.

Grosvenor has operated a diversified real estate investment and development business in North America since 1952. The Company actively manages its $2.8B investment portfolio and is executing on a proprietary development pipeline that will deliver 4,200 homes across its active markets. Consistent with the firm’s farsighted approach to investment and development, Grosvenor Americas values long term partnerships: across their nine active investment partners, the average relationship is 20 years.

About Grosvenor Americas: 

Grosvenor Americas has been an active investor and developer in several high-quality cities across the U.S. and Canada for 69 years. Our strategy is to invest in vibrant urban areas where our activities can make a positive contribution to neighborhoods and communities, which we deliver through our Living Cities approach. Since 2004, we have helped supply 12,300 quality homes and have transacted $4.6bn in investment property in the high-growth markets where we operate. 

As one of the first North American signatories to the World Green Building Council’s Net Zero Carbon Buildings Commitment, our business is guided by ESG principles and underpinned by a promise to achieve net zero operations by 2030.

We are active in the high-growth transit-oriented and/or amenity-rich neighborhoods of Seattle, Vancouver, the San Francisco Bay Area and Washington, D.C. Our Development Program focuses on residential mixed-use projects; most developments in our USD $2.7bn pipeline will deliver to LEED Gold standards. We also add value to residential, commercial and retail assets, actively managing a portfolio of 59 stable properties in our Investment Program. Additionally, we run a Structured Development Finance business that provides funds to leading residential developers who provide much-needed housing.

As of December 31, 2020, Grosvenor Americas had assets under management of USD $3.6bn.

We are part of Grosvenor Group, one of the world’s largest privately-owned international property companies and active in Britain & Ireland, Europe, Asia Pacific and North America. With $15.2bn of assets under management and a track record of 344 years, Grosvenor develops, manages and invests with a purpose of improving property and places to deliver lasting commercial and social benefit. 

To read more about Living Cities please click here

www.grosvenor.com

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About Newmark 

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. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.

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