After receiving multiple offers over the course of the past few months the FDIC has finally reached a deal for the building located at 234 Main Street. You might remember this fixer-upper from a previous blog post when it first entered the market.
The new buyer, a local Pleasanton landlord and developer has done some work around town that you might be familiar with. The building occupied by Stacey’s Cafe, Pans on Fire, and Bollinger Nail Salon is also owned by this group. The group is also the creator and developer of the Tully’s building on Angela and Main Street. This project has been wildly successful and was able to attract Cold Stone, Fontina’s, and High Tech Burrito.
234 Main Street will also cater to high-end retailers. The plan is to redevelop the building into 3 spaces: two 2,400 square foot spaces and one 1,200 square foot space. The redevelopment is estimated at $800,000 and I would look for work to begin early next year. Asking rents to be $3.25 to $3.75 per square foot, plus triple nets. I should have more information available upon the close of escrow, currently set for around October 1, 2010.