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| Dublin Place Shopping Center, Dublin, CA |
DUBLIN, CA, April 20,
2015 – American Realty Advisors (American), an institutional real estate
investment manager with approximately $6.7 billion in assets under management,
has acquired the Dublin Place Shopping
Center, a 283,506 square-foot retail shopping center in Dublin, California
for $51.1 million.
The property is currently 97 percent occupied and anchored
by a mix of strong tenants including Target, Hobby Lobby, Burlington Coat
Factory, and Toys R Us.
According to Kirk
Helgeson, Executive Vice President of American Realty Advisors, this asset
is centrally located within a strong, growing submarket of downtown Dublin and
is one of more than 150 commercial real estate assets American currently owns
and operates throughout the U.S.
“Downtown Dublin, and this immediate location at the West
Dublin/Pleasanton Bart Station, are the focal points for increased
densification and infill development in the coming years, which will increase
customer demand, the interest by retailers to this area and heighten returns
for our investors,” Helgeson notes.
“In addition to the increasing customer base coming to the
market, the shopping center’s proximity to mass transit, and its adjacency to
the intersection of Interstates 580 and 680, make this investment particularly
attractive.
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| Kirk Helgesen |
" We have acquired the center with an in-place stabilized revenue
stream, yet will be able to maximize yields based on the A+ location in a
rapidly growing market,” Helgeson adds.
American acquired the Dublin Place Shopping Center from PFRS
Dublin Corporation, and plans to increase the value of the asset by marketing
the existing vacant space to new tenants, bringing existing below market rate
rents up to the current market rates, and upgrading existing shop buildings,
according to Helgeson.
“Further, American may have the ability to increase density
on the center’s site with additional commercial and residential space over
time,” he says.
The Dublin
Place Shopping Center is located at 6920-7202 Amador Plaza Road; 7590 Amador
Valley Boulevard; 7505-7533 Dublin Boulevard in Dublin, CA. American Realty Advisors and the seller, PFRS
Dublin Corporation, represented themselves in this acquisition.
For a complete copy
of the company’s news release, please contact:
Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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