Primestor Development, a Los Angeles-based company, has successfully completed its first deal in Northern California. The $36.5-million purchase of Hilltop Plaza, a 245,921-square-foot community retail center located in the East Bay city of Richmond marks their entry into this new market.
The plaza is situated at 3190-4251 Klose Way and is positioned across from the recently closed Hilltop Mall which is currently undergoing redevelopment by Prologis. JLL’s team consisting of Geoff Tranchina, Eric Kathrein, Gleb Lvovich and Warren McClean represented both Primestor and the seller during this transaction.
“We are thrilled to establish our presence in Northern California with another successful acquisition despite challenging market conditions,” stated Alan Sneider who serves as Vice President of Acquisitions at Primestor. “Hilltop Plaza aligns perfectly with our vision for redeveloping centers that cater to their respective communities. This property will be an excellent addition to our portfolio.”
Currently boasting an occupancy rate of 88%, Hilltop Plaza houses popular retailers such as Ross Dress for Less, City Sports Club , dd’s Discounts and Cinemark among others . Rhiana Lindsey , Director of Leasing at Primestor expressed excitement about potential future tenants stating that negotiations are underway with several prospects who would bring attractive offerings to benefit the local community.
This latest development marks yet another milestone for Primestor as they continue on their path towards growth and expansion within the commercial real estate industry.
