Newmark has announced the sale of Village Oaks, an 800,000-square-foot grocery and drug anchored shopping center in Martinez, CA. Newmark’s Nicholas Bicardo and Cheyne Bloch represented the seller, a private family investor. Terms of the transaction were not disclosed.
“The sale of Village Oaks marks the first time this asset has traded in over 20 years, which is a testament to the property’s dominant market position and long-term stability,” said Bicardo in a news release. “We continue to see a tremendous amount of capital for well-located retail, especially grocery-anchored, on the West Coast.”
Situated on Arnold Drive, just off Highway 4, the 8-acre property is anchored by Lucky California and Rite Aid, and is 96% leased to a diverse mix of necessity-based tenants. In addition, Newmark research puts Martinez in the top 10% nationally for home appreciation in the last decade with an annual average rate of 7.71%.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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