Primestor Makes First NorCal Acquisition in Richmond

Los Angeles-based Primestor Development has completed its first deal in Northern California with the $36.5-million acquisition of Hilltop Plaza, a 245,921-square-foot community retail center in the East Bay city of Richmond. Located at 3190-4251 Klose Way, Hilltop Plaza is located across from the now-defunct Hilltop Mall, which Prologis is redeveloping. JLL’s Geoff Tranchina, Eric Kathrein, Gleb Lvovich, and Warren McClean represented both Primestor and the seller.

“We are excited to enter the Northern California market and continue to build on our momentum with another acquisition in a challenged transactional market,” said Alan Sneider, Primestor’s VP of acquisitions. “Hilltop Plaza matches our criteria and goals for redeveloping centers tailored to the communities they serve. This is a great property with which to expand our portfolio.” 

The center is 88% occupied. Its tenant roster includes Ross Dress for Less, City Sports Club, dd’s Discounts and Cinemark. “We are actively negotiating with several prospective tenants that would be excellent additions to the tenant mix and bring attractive offerings to the local community,” said Primestor director of leasing Rhiana Lindsey.