December 2015
Arroyo & Company is pleased to announce the sale of Iron Horse Plaza, a 62,000 square foot grocery anchored shopping center in the heart of downtown, Danville, California. The center is anchored by Lunardi’s, a regional high-end chain that has been in the Bay Area for 60 plus years. Other notable tenants include Peet’s, Jos. A Bank, Panda Express, Verizon Wireless, Supercuts, and Chow, a popular local restaurant.
Danville is one of the wealthiest cities in the San Francisco Bay Area and the nation. The average household income is over $194,000, and according to Trulia the median sales price from September to December 2015 was $989,000, and $492 per square foot on average. Iron Horse Plaza is next to the Iron Horse Regional Trail, which passes through the town. This is a former railroad that is now a popular walking, running, and bike path. Stacks of bicycles and riders in their gear are a common site at the center, which serves as a meeting and or resting point for those that are enjoying the trail.
The deal was sold off market by a group of private investors spearheaded by the Alamo Group. The seller was represented by Arroyo & Company, headquartered in San Francisco. Pedro Arroyo & David Kram were the Brokers that managed the transaction. Arroyo & Company also found the buyer, Retail Opportunity Investment Corporation (NASDAQ: ROIC), but no broker represented them in the transaction. ROIC is a REIT that is focused on acquiring centers in the Western United States, and currently owns 68 shopping centers.
Arroyo & Company specializes in the acquisition and disposition of commercial and multifamily properties. Please contact us if you would like a market update, opinion of value, additional information regarding this transaction, or to discuss off market opportunities. acdeals@a-c.com