San Francisco California – NNN Commercial Real Estate News travels to the Bay area for the latest, and greatest Commercial Real Estate transaction. We saw that Portland’s Harsch Investment Properties has sold a Retail Shopping Center for $181 million. This Retail Shopping Center is commonly known as the Alameda Towne Centre. The net lease property, Alameda Town Centre, was appropriately re-branded as part of a $90 million redevelopment that Harsch Investment Properties started in 2002. Harsch Investment Properties is a Portland-based commercial real estate investor and developer. Harsch Investment Properties received the $181 million by way of the buyers $111.4 million commercial loan and $69.6 million in cash. The strength of the NNN Commercial Real Estate market helped Harsch Investment Properties decide to sell. Harsch Investment Properties had thought about refinancing but choose to sell with the strengthening market. We also have plenty of NNN Commercial Real Estate Buyers seeking quality Investment Property.
Net Leased Tenants Kohl’s and Trader Joe’s
This NNN Commercial Real Estate is an open-air center, with Safeway grocery store as the anchored tenant. This NNN Commercial Real Estate sits on 47 acres and had interest from Commercial Real estate Investors due to it’ uniqueness. This net lease property is the only major retail shopping center on the 23-square-mile island sitting in the San Francisco Bay. This NNN Commercial Real Estate has more outstanding national retail tenants including T.J. Maxx, Kohl’s, Trader Joe’s and Petco. All of these tenants are excellent choices for triple net lease properties in a 1031 Exchange. This particular Safeway net leased tenant and Tenant Trader Joe’s stores were some of those grocery chains’ top performing stores.
Florida Investment Property Search
The buyer of this NNN Commercial Real Estate is Jamestown Properties, an Atlanta private-equity fund. Jamestown Properties plans to complete the redevelopment that Harsch Investment Properties started, within the next year and a half. Jamestown Jamestown Properties raises funds and capital primarily from German investors. Jamestown Properties has $4 billion in private equity that includes 80 Investment properties totaling approximately 25 million square-feet. Jamestown Properties also has Commercial Investment Properties that include New York’s One Times Square and Chelsea Market. Jamestown Properties had acquired the premier commercial real estate known as San Francisco’s Pacific Place. This NNN Commercial Real Estate houses Old Navy’s flagship store for clothing retail shoppers and the Hotel Palomar. Jamestown Properties was also in the commercial real estate news recently as the majority owner of the New York City office building that was sold to Google Inc. That Investment Property was located at 111 Eighth Ave. and was sold for approximately $1.77 – $1.89 billion.
Alameda Mayor Marie Gilmore praised Harsch Investment Properties for their commitment to the Island. Apparently. Harsch Investment Properties had been a terrific owner of the Alemeda retail shopping center according to the the city of Alemeda. Harsch Investment Properties has owned the 600,000-square-foot retail shopping center since the year of 1979. Family-owned Harsch Investment Properties owns 21 million square-feet of Investment property across five states out West. Harsch Investment Properties was quite busy receiving offers for NNN Commercial Real estate. Harsch Investment Properties worked hard to make the retail shopping center unique to Alameda. They had developed the commercial real estate with Field Paoli Architects-designed renovation details that include wood trellises, bronze animal sculptures and a beautiful fountain circled by dancing metal frogs.
Investment Property Strategy
The Alameda Towne Centre retail shopping center is 52-years old. Harsch Investment Properties strategy for NNN commercial real estate investing is to buy and hold, as it did for 32 years in Alameda. This premier Retail shopping Center is approximately 91% occupied, with Ross Dress For Less recently opening a 30,000-square-foot store. The Retail Shopping Center has 14 buildings and 125 net-lease tenants. Harsch Investment Properties company was started in 1950 by Harold Schnitzer and currently run by his son, Jordan.
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