Brixton Capital has bought Washington Sq., a 215,506-square-foot purchasing middle in Petaluma, Calif., for $67.5 million. Paragon Business Group bought the asset in a transaction organized by JLL.
Paragon had acquired the retail middle from Fulcrum again in 2021 for $56.2 million, in response to CommercialEdge knowledge, with the assistance of a $34.2 million mortgage offered by Zions Financial institution.
In-built 1971 and renovated in 1996, Washington occupies some 20 acres at 301 S. McDowell Blvd. The brand new proprietor intends to improve the purchasing middle by bettering the parking amenities, changing the roofs, repainting the outside and upgrading the HVAC techniques. Brixton additionally plans to boost the façade, renovate the landscaping and set up new signage.
READ ALSO: What’s in Retailer for Retail in 2025?
The Safeway-anchored middle boasts a various mixture of regional and nationwide tenants corresponding to Staples, Panda Specific, Harbor Freight Instruments, Planet Health, 5 Beneath, GameStop, Financial institution of America, Marin Well being and Hallmark, amongst others. On the time of the sale, the property was 99 % leased.
Washington Sq. is taken into account to be among the many prime 3 % of U.S. neighborhood purchasing facilities based mostly on annual visits and the busiest middle inside a 15-mile radius, in response to JLL. The agency’s Managing Administrators Bryan Ley and Eric Kathrein and Director Warren McClean brokered the transaction on behalf of Paragon.
San Francisco’s retail scene
Within the fourth quarter of 2024, San Francisco’s retail gross sales witnessed a 5.2 % year-over-year enhance, reflecting a strengthening native financial system. The metro’s transaction quantity for final 12 months reached $190.1 million, up 3.7 % from 2023’s determine of $183.3 million, in response to a current Cushman & Wakefield report.
As well as, San Francisco’s retail market recorded a constructive internet absorption of 65,700 sq. ft in This autumn, following eight consecutive quarters of unfavorable absorption, the report additionally reveals. Consequently, the metro’s total retail emptiness fee dropped to 7.7 % by the tip of final 12 months.
