Three-Tenant Retail Building in Sand City, CA Sells for $14.7 Million

  

Three-tenant retail building within Edgewater on Monterey Bay Shopping Center, Sand City, CA

 

SAND CITY, CA, April 24, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of  a three-tenant, 25,201-square-foot building within the Edgewater on Monterey Bay shopping center in Sand City, Calif., two miles northeast of Monterey.

Kirk Trammell

 The building’s $14,700,133 sales price equates to $583 per square foot.

            Kirk Trammell, senior vice president investments, along with David Cutler and Joshua Johnson, associates, all in Marcus & Millichap’s Palo Alto office, represented the seller, a regional shopping center developer.

            “The building is a high-quality retail asset in one of the most heavily trafficked shopping centers in the Monterey Bay area,” says Trammell. “The offering’s strong tenant line-up and superior location attracted interest from throughout the buyer continuum, including institutional, private, out-of-area and local investors.”

            The property was built in 1996 on two acres at 2080 California Ave. in Sand City, Calif. The building is visible from California State Highway 1.

 Approximately 70,000 cars pass the site each day. The property is currently leased to Ulta, Tilly’s and Panera Bread. The Edgewater on Monterey Bay shopping center is anchored by Target, Ross, Save Mart Supermarket, Sports Authority, PetSmart and Payless Shoe Source.

The center also features a number of national tenants, such as Chipotle, Starbucks, Jamba Juice, Burger King, GNC, AT&T Wireless, GameStop and Supercuts. Costco, Office Depot, Marshalls and Orchard Supply Hardware anchor the Sand Dollar Shopping Center, which is located south of Edgewater on Monterey Bay.

Joshua Johnson

            “Demand from both institutional and private investors for quality retail assets in core locations in Northern California and the West Coast remains high,” concludes Trammell.

            The sale is the second of two Northern California shopping center closings this quarter for Trammell, Cutler and Johnson. In March, they represented Thomas Windemere LLC in the sale of the 44,264-square-foot Del Monte Plaza in Pinole, Calif., which sold for $9 million.

Trammell, Cutler and Johnson brokered the sale of a third retail center in November 2013, 800-840 Broadway Ave. in Seaside, Calif., which brought $18.9 million.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716