Merlone Geier is continuing to sell off portions of its portfolio across California. In another transaction that closed on Feb. 28, the retail investment and development firm sold an 80,000 square foot retail asset in Pleasant Hill for $16.1 million, or approximately $201 per square foot. The property was sold to Agree Realty Corporation, according to public records.
Located at 200 Golf Club Road, the property was built in 2020 and is currently occupied by Floor & Decor which has approximately 18 years remaining on its lease, a previous flyer for the property from Cushman & Wakefield shows. That flyer also shows that the property was previously offered at just over $18 million, or about $225 per square foot.
The property is a portion of the larger Diablo Valley Plaza, a retail center totaling 94,489 square feet across more than eight acres, according to Merlone Geier’s website.
Located just off Interstate 680, the property is within close proximity of both the Pleasant Hill Shopping Center and The Veranda Shopping Mall. The property also sits just north of Diablo Valley College and within close proximity to the Buchanan Field Airport.
Founded in 1971, Agree Realty Corporation is a Bloomfield Hills, Mich.-based real estate investment trust with properties located across the contiguous United States. As of most recent data from the company’s website, Agree Realty’s portfolio consists of 1,839 properties containing approximately 38 million square feet of leasable space.
Merlone Geier has been investing in retail properties throughout the West Coast, with a portfolio consisting of 174 properties totaling 28.7 million square feet.
The company has been selling off a number of its properties over the last several quarters. In one recent transaction that closed in September 2022, Merlone Geier sold a 130,460 square foot retail center in Roseville for $32.25 million, or about $247 per square foot. Referred to as Fairway Commons I, the property is located at 5701-5811 Five Star Blvd. and was sold to entities affiliated with Vintage Properties LP, according to The Registry’s previous reporting.