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%.