San Francisco, Calif., October 13, 2015 – PCCP, LLC announced today that it has provided a $48.5 million senior loan to Dollinger Properties for the development of Sprouts @ Brokaw in San Jose, Calif. As a result of this financing, construction immediately commenced on the project that will ultimately total approximately 143,000 square feet. The new shopping center will be anchored by Sprouts Farmers Market, which will occupy nearly 30,000 square feet of space and is anticipated to open in the summer of 2016 upon completion.
“We were attracted to the loan opportunity given the reputation of Dollinger Properties and the ability to fund the development of a prime Silicon Valley grocery-anchored retail center,” said Erik Flynn with PCCP. “Dollinger Properties is an experienced developer with proven local retail success. Sprouts @ Brokaw will help satisfy the unmet demand for retail options in this market.”
Damon P. Scholl, Vice President of Development & Acquisitions for Dollinger Properties added: “We’ve received and are receiving tremendous interest in the center from fantastic restaurants and retailers with demand that well outweighs supply. We’re setting new market rents and anticipate that the center will not only be fully leased prior to completion of construction, but could be 100 percent leased by end of first quarter 2016. The city and neighborhood is really going to love the line-up we’re putting together here.”
Sprouts @ Brokaw is situated at the intersection of East Brokaw and Oakland Rd. When completed, the development will be an attractive grocery-anchored center in a strong Silicon Valley retail and office corridor. Additionally, it is within an affluent area that is seeing continued population growth and residential development activity.
In 2013, Dollinger Properties built the, 96,299-square-foot Brokaw Commons retail center, which is fully occupied and is located directly across the street from its new project. Sprouts @ Brokaw will feature similar designs and finishes to the neighboring Brokaw Commons shopping center.
About PCCP, LLC
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $5.5 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $10.5 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
About Dollinger Properties
Dollinger Properties is a family-owned business focused on the acquisition, through construction or purchase, of multi-tenant R&D/industrial flex and retail properties for long-term ownership. Today the firm owns and manages over 60 premier properties in California representing more than 4 million square feet. Its tenants include some of the best known names in business such as Air Liquide, Honeywell, Clear Channel, Samsung and Alcatel; as well as some of the best known names in retail, such as Bed Bath & Beyond, Best Buy, Trader Joes, FedEx Kinko’s, and Starbucks.