By Kate Snyder
Investment activity in Walnut Creek is continuing at a steady pace with the sale of a freestanding retail building to one of the country’s major retail and mixed-use development firms.
Macerich purchased the 4,800 square foot building located at 1401 Mt. Diablo Blvd. in early October for $9.95 million, or approximately $2,073 per square foot, according to property records. The seller was a private entity affiliated with the Perrelli and Giordano families. John Cumbelich & Associates represented both the buyer and seller in the transaction.
Based in Santa Monica, Macerich is one of the country’s leading owners, operators and developers of major retail and mixed-use real estate, according to the firm’s website. The company owns properties throughout the country, including Arizona, Colorado, Missouri and along the East and West coasts.
The firm also owns Broadway Plaza in Walnut Creek, according to its website. Broadway Plaza is an open-air shopping center located adjacent to the company’s newest purchase in the city. The 990,000 square foot shopping center includes specialty shops such as Nordstrom, Macy’s, Apple and lululemon, plus restaurants like True Food Kitchen, Boudin and P.F. Chang’s. It is also home to co-working space Industrious. Both Life Time Athletic and Pinstripes will be opening in 2023.
Other recent sales activity in Walnut Creek primarily involves residential and office space.
Earlier this year, Rockwood Capital purchased the 100-unit Arroyo Residences apartment complex in Walnut Creek located at 1250 Arroyo Way, according to The Registry’s previous reporting. The real estate investment firm bought the asset for $66 million, or $660,000 per unit.
In a separate sale, California Capital and Investment Group acquired the 449,233 square foot Walnut Creek Executive Park office property earlier this year. The purchase price was $49.6 million, or roughly $110 per square foot.