Newmark announces it has completed the sale of Pinole Square, a 91,000-square-foot retail community center, located at 1201-1577 Tara Hills Drive in East Bay’s Pinole market.
Newmark Vice Chairman and Head of Retail Capital Markets Northern California Nicholas
Bicardo and Associate Director Cheyne Bloch facilitated the transaction. The seller was a private family based in the Bay Area, and the buyer was Balboa Retail Partners.
“Pinole Square is a prime retail site that offers tremendous short-to-mid-term redevelopment opportunity along the I-80 corridor,” said Bicardo. “We have sold several retail assets similar to Pinole Square on the West Coast over the past 12 months and continue to see significant demand from capital for well-located retail sites.”
Pinole Square has been anchored by Safeway and CVS for over 50 years. Situated on 10 acres, the property is centrally located within the Pinole, Hercules, Richmond and San Pablo trade area. This vibrant retail market is home to the 1.3 million square foot Hilltop Mall, anchored by Macy’s, Hilltop Auto Plaza as well as Target, TJ Maxx, Michael’s Arts & Crafts, BevMo!, Toys R’ Us, Best Buy, Orchard Supply Hardware, ULTA and Cinemark.
According to Newmark Research, retail was the only sector to increase investment sales year-over-year. Investment sales across all property sectors declined 23% year-over-year and 27% quarter-over-quarter, in the third quarter of 2022. Even so, it was the second best third quarter on record.