Bay Area retail center sells for $22.5M

SAN FRANCISCO, July 8, 2020 – JLL Capital Markets announced today that 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.   

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. 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.” 

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.

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RBL Real Estate specializes in the acquisition, development and management of commercial real estate. Since our inception in 1974, RBL has acquired and managed more than 50 retail, office and industrial properties throughout the United States with an aggregate value of ~$700M.

Jewell Capital, LLC is a Miami-based firm founded in 2017 to acquire non-performing loan and commercial real estate assets throughout the United States.