The guy behind Mountain Mike’s Pizza is opening a new place on 1st Street. Located next to Wild Vine, the new location will offer pizza by the slice and I am sure the whole pie. Rumor has it the location will be open late to cater to those late night cravings… I love pizza, I think this will be a great addition to downtown.
On another note did you see the sign in the window at Wild Vine? For months Wild Vine has worked to secure a Danville location and get the doors open. Congrats to the ownership, I can’t wait to check out the new place!
For good measure, an Alehouse update… After a few set-backs and the recent glass breakage, the First Street Alehouse is prepared to make the big move the beginning of March. The new location will be over 4,000± square feet and ready to offer-up all the tasty beer treats you have grown to love. Look for some minor changes on the menu, mostly consisting of new and fresh items thanks to the recently hired executive chef.
2145 1st Street, Livermore
Size: 2,100± square feet
Asking Rate: $3,360 per month, tenant pays utilities and janitorial
Highly sought-after space on 1st Street! Light, bright, clean, and updated space. If you are looking to relocated your business or start a new business you won’t find a location with better foot traffic in Livermore. This space is going to go fast at $1.60 per square foot.
Please contact me for more information: jstewart@lee-associates.com
As I mentioned last month, The Shops at Waterford are being sold. Today the Contra Costa Times announced the transaction has been completed. The 125,000 square foot center was rumored to have sold for $44 million or $352 per square foot.
The buyer is a local investment group based out of Walnut Creek. This is Loja Group’s - a private fund – first real estate transaction and they plan to continue buying necessity based retail centers.
http://www.contracostatimes.com/business/ci_14288632?nclick_check=1
Zpizza is the newest lease signed at Springtown Village, the shopping center located on the corner of Bluebell and Springtown Blvd.. The landlord claims the anchor tenant, Anytime Fitness, has 1100 members.
You may remember Zpizza also signing a lease in Danville lately. The first Tri-valley location was established in San Ramon. Known for serving gourmet organic pizza, Zpizza also caters to the those suffering with Celiac Disease, offering gluten-free options.
The center still has about 3,300 square feet of retail space for lease. Asking rate is $2.00 per square foot plus Triple net expenses.
992 Larkspur Drive, Livermore
A new restaurant will be coming to Magnolia Square located at 2005 Crow Canyon Place in San Ramon. Taking over the space formerly occupied by El Balazo, Chili Joe’s will be working on a Boston style prototype. The center is home to Petco, Starbucks, Max’s Cafe, Uncle Yu’s, and Subway.
The space is 1,147± square feet and the rumored lease rate is said to be around $36 per year, per foot with Triple Net expenses of $1.00 plus an additional free rent period.
You may have noticed a new “For Lease” sign up at 1986 2nd Street, the Valley Community Bank building (it is actually on the corner of 2nd and S. L Street). No word on where or if they will be relocating.
Size: 3,200± square feet
Asking Price: $1.95, Gross per square foot, per month
Tri-Valley Bank is relocating from its current location behind the Vine Theatre (pictured bottom left) to the unoccupied space in Livermore Valley Plaza (pictured bottom right). Next to Simply Fondue on First Street, Tri-Valley Bank should be operational in the spot by summer time. This leaves 3,000± square feet available at the Vine Complex in addition to the former title company space of 3,300± square feet.
The Shops at Waterford, located at Dublin Blvd. & Tassajara Road is being sold. Safeway, Wells Fargo, Peet’s Coffee, Pet Food Express, Baja Fresh, Amici’s, and a variety of other tenants all reside in the center. The current vacancy in the shopping center is minimal, 6,600± square feet left behind by Stacey’s and two in-line spaces totaling less than 2,800± square feet.
The buyer has yet to be disclosed and escrow is expected to close in about 45 days. Shea Properties is the seller.
This is the second ownership change in the center this year. In September all 390 apartments above the retail were sold to company out of Texas. Purchase price is rumored to be $79.7 million or approximately $205,000 per unit (6.3% CAP rate).
As many of you know, Prime Outlets should be wrapping up construction in July of 2011 (as stated on Prime’s website). The city of Livermore has eagerly chased this project for years and recently announced ground-breaking shall commence early 2010. It seems as though everything is on track, but is it…
Today, a press release from Simon Property Group (the HUGE mall operator) announced the acquisition of Prime Outlets. Simon Property Group has a 25% stake of both Stoneridge and the Great Mall. Prime Outlets is owned by a larger company named the Lightstone Group. The Lightstone Group has been struggling though the economic downturn. Extended Stay Hotels, which you may remember is in bankrupcy, is owned by Lightstone Group.
The purchase price for Prime: $2.235 billion
What does all this mean for Livermore? At this point nothing has been announced and there is a good chance nothing will come of the change in ownership. That said, my experience in commercial real estate has led me to never count my chickens before they hatch. I would not be surprised to see the project fall apart given the current circumstances. Livermore is not among the 22 properties in the Prime portfolio mentioned in the press release below.
Simon Press Release:
http://phx.corporate-ir.net/phoenix.zhtml?c=113968&p=irol-newsArticle&ID=1363274&highlight=
2010 area forecast: ‘Doom and gloom’ – Sacramento Business Journal:.
Interesting read regarding the commercial real estate market in Sacramento.
