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Newmark Completes Sale of Grocery-Anchored Martinez Center
Newmark has completed the sale of the Village Oaks, a 79,875-square-foot grocery- and drug-anchored community shopping center in Martinez, for an undisclosed amount.
The property traded from the seller, an undisclosed private family investor, to the buyer, an institutional investment group. Nicholas Bicardo, head of Retail Capital Markets for Northern California, represented the seller with associate director Cheyne Bloch.
“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. “We continue to see a tremendous amount of capital for well-located retail, especially grocery anchored, on the West Coast.”
Located at 1185 Arnold Dr., the 7.94-acre property is anchored by Lucky California and Rite Aid. Currently it’s 96% leased to a diverse mix of other essential and necessity-based tenants within the financial, medical, restaurant and service retail sectors.
- ◦Sale/Acquisition
