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| Del Norte Marketplace,11511-11565 San Pablo Avenue El Cerrito, CA |
SAN FRANCISCO, CA – JLL
Capital Markets announced it has closed the $22.5 million sale of Del
Norte Marketplace, a fully leased, 64,270-square-foot, pharmacy-anchored
shopping center located in the San Francisco Bay Area community of El Cerrito,
California.
JLL marketed the property on behalf of the
seller, RBL Real Estate. Miami-based Jewell Capital, LLC purchased the asset
and assumed the existing debt.
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| Eric Kathrein |
Del Norte Marketplace is a major East Bay drug-anchored retail
center that was guided through a multi-year repositioning by RBL.
The property now provides a long-term, stable
income stream and potential to add density to the site in the future. It is
home to a mix of e-commerce resistant and essential tenants, including
Walgreens, Ross Dress for Less, dd’s Discounts and IHOP.
Situated at 11511-11565 San Pablo Ave., the
center is in El Cerrito, an infill East Bay retail market with an average
annual household income exceeding $140,510.
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| Tim Kuruzar |
Positioned directly across the street from El
Cerrito Del Norte BART station, the busiest BART station in Contra Costa County,
the center boasts a transit-oriented location along San Pablo Avenue (Highway
123) and has direct visibility and access to the I-80 Freeway.
The JLL Capital Markets Investment Advisory team representing the
seller was led by Eric Kathrein, Tim Kuruzar, Bryan Ley and Jake Dempsey.
“We
ran a highly competitive marketing process,” Kathrein said. “Investors
responded very positively to the attractive tenancy, long term-leases and
strength of location resulting in multiple competitive offers.
"Given the current environment and challenges some
retailers are facing, we expect to see a continued flight to quality from
buyers.”
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| Bryan Ley |
JLL
Capital Markets is a full-service global provider of capital solutions for real
estate investors and occupiers.
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.
The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.
The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit
our newsroom.
Jones Lang LaSalle Americas, Inc. ("JLL") is a real
estate broker licensed with the California Department of Real Estate, license
#01223413.
CONTACT:
Eric
Kathrein,
JLL
Senior Director
CA Lic.: #01896107
Phone: +1 415 510 6961
Email: Eric.Kathrein@am.jll.com
Kimberly
Steele
JLL Senior Associate
Public Relations
Phone: +1 713 852 3420
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