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| Boronda Plaza, 1576 North Sanborn Road, Salinas, CA |
SAN FRANCISCO, CA – HFF announced today that it has closed
the sale of Boronda Plaza, a 93,796-square-foot, grocery-anchored retail
center in Salinas, California.
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| Nicholas Bicardo |
HFF
marketed the property on behalf of the seller, Donahue Schriber. Phillips Edison-ARC Shopping Center REIT
Inc. successfully purchased the asset free and clear of existing debt amongst a
highly competitive field of 20 bidders.
Boronda Plaza is located at 1576 North Sanborn Road at the intersection
of East Boronda Road approximately three miles east of Highway 101. Situated on 9.5 acres, the center was built
in 2002 and is 95 percent leased to multiple tenants including anchor tenant
Food 4 Less, which occupies 59,412 square feet of space.
The
HFF investment sales team representing the seller was led by managing director Nicholas
Bicardo, along with associate director Mark Damiani, both out of the
San Francisco HFF office, as well as managing director Bryan Ley from
HFF’s LA office.
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| Mark Damiani |
“This transaction represented an excellent opportunity for
the buyer to acquire a dominant grocery-anchored retail center located in a
secondary market in Northern California at a very attractive yield
comparatively to primary markets.
“Given where spreads are on cap rates between primary and
secondary markets, we are seeing a tremendous amount of capital migrate to
similar markets like Salinas in search of higher yields,” said Bicardo.
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| Bryan Ley |
Donahue Schriber is a private real estate investment trust
(REIT) operating on the West Coast. The
company owns and operates a portfolio of 74 neighborhood, community and power
shopping centers representing more than 11 million square feet throughout
California, Arizona, Nevada, Oregon and Washington.
For a complete
copy of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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