Cushman & Wakefield announced that its San Francisco-based Retail Investment Advisors team completed the sale of Uptown Monterey, a 25,636 square foot neighborhood shopping center in Monterey, CA. Positioned along California’s Central Coast, the fully leased property is anchored by Trader Joe’s and Pharmaca and enjoys an in-fill location in Monterey’s downtown commercial district.
Dan Wald, Don LeBuhn and Eric Kathrein (collectively The Wald | LeBuhn | Kathrein Team) of Cushman & Wakefield’s Retail Investment Advisors represented the seller, a partnership of the Pratt Company and Foothill Partners. The buyer, Retail Opportunity Investment Corporation, represented itself. Michael Schoeder, Managing Principal of Cushman & Wakefield’s Monterey Peninsula office, provided local market knowledge and expertise for the transaction.
“The assignment presented a unique challenge, for what was being offered was the long-term leasehold interest rather than fee title, which our client sold for $12.125 million”, explained Mr. Wald, a Managing Director with the firm. “In addition, the seller/developer was in the process of completing a very creative lease transaction with a ‘beer garden tenant’ that would not take occupancy prior to the close of escrow.”
Mr. Wald added, “The buyer, ROIC, was able to garner this irreplaceable in-fill asset by investing the time to understand and work with the seller to resolve a number of knotty issues. As a result, ROIC ended up with one of the most unique assets on the California coast.”
The Wald | LeBuhn | Kathrein Team covers the greater San Francisco Bay Area, Sacramento/Central Valley and Northern Nevada markets for Cushman and Wakefield’s nationwide Capital Markets – Retail Investment Advisors. With combined commercial real estate experience exceeding 55 years, the Team has completed over 200 transactions totaling approximately $3 billion in overall value. Cushman & Wakefield’s Retail Investment Advisors represents institutions and private capital investors nationally in the disposition of retail investment and development properties across all retail property types.