(EDITOR’S NOTE: According to public documents, the sale closed on April 23, 2021 for a price of $14,153,000, or just over $554 per square foot.)
WALNUT CREEK, Calif. — Preserve West Capital announced the sale of 25,520 square-foot Trader Joe’s and Pet Food Express in downtown Walnut Creek to California-based Loja Real Estate.
Putnam Daily, Lindsey Snider, and Michael Maffia with Preserve West Capital represented the seller, Sansome Pacific Properties, Inc., based in San Francisco, CA.
“There is an incredible amount of demand for well-located, high-quality net lease retail investments anchored by high-volume grocery tenants like Trader Joe’s,” said Daily. “With limited supply of opportunities in this space, especially those with long-term development potential, we experienced as much inquiry and interest as we have had for an opportunity in the last decade.”
The two-tenant retail property located at 1372 South California Blvd., is anchored by a strong performing Trader Joe’s and Pet Food Express backed by CVS credit and was fully occupied at the time of sale. The property is located in the densely populated area of downtown Walnut Creek with over 207,000 people within five miles of the site. The listing team was successful in selling the project at the full asking price, given the strength of the location and tenancy.
“The Preserve West Capital team exceeded our expectations on the sale,” said Paul Souza with Sansome Pacific Properties. “They were able to generate multiple offers within the first week of marketing and qualified the right buyer, who closed quickly at full list price.”
He added, “The excellent teamwork and communication between both parties were essential in closing this transaction successfully.”
Scott Kyman of Loja Real Estate added, “It was great working with Preserve West Capital and Sansome Pacific Properties. Preserve West Capital knew this was the exact type of property we were targeting and did a great job coordinating between the two parties and successfully getting this transaction to the finish line without any hiccups.”
Preserve West Capital is a leading provider of leased investment brokerage services nationwide. We provide client-focused real estate advisory services and help our clients achieve their disposition goals, with decades of experience in selling single and multi-tenant investment properties throughout the country. Preserve West Capital specializes in single and multi-tenant property sales, including portfolios, corporate sale-leaseback transactions, and 1031 & 1033 Tax-Deferred Exchanges.