Success Story: Northbay Commerce Center

  • Jul 12, 2018
  • Marketplace Closings

SALE PRICE: $13,550,000
RealINSIGHT Marketplace is an adept venue for selling all asset classes including grocery-anchored retail. For the sale of this 97,000+ SF grocery-anchored retail center, the seller engaged a regional, retail-focused investment sales brokerage team with intimate knowledge of both the asset and local market.  The offering benefitted from a long-term grocery anchor with above average sales and recently renovated space and with ~20,000 SF (20% of GLA) of vacant in-line space presented an immediate lease-up opportunity for value-add investors.  The sale attracted an exceptionally wide and experienced buyer pool including institutional firms, well-capitalized private domestic and foreign funds, and private investors that competed fervently for the asset during the Classic Sale Event pushing value above even the Seller’s most aggressive projections.