Livermore Cuts Ties With Lennar in Downtown Mixed Use Development

The saga continues… City Council did not extend the 9-month contract with Lennar Multi-Family Communities, ending the year long relationship. As some might recall, this time last year a number of developers were asked to present plans for the former Lucky Supermarket site, now a half dirt parking lot between First and Railroad Avenue. Lennar was selected as the developer who would then work with City staff, Council, and the community to come up with a final plan. Unfortunately, Lennar didn’t get that opportunity due to the November elections. With fresh Council members, the project is back to square one.

Development is always tricky, you are asking a community of people who already have homes in that area to decide on more people, more traffic, more impact on services; rarely does a community gather to encourage more housing and more people when their needs are met. While I do believe the project should be carefully planned to reflect the actual needs of the community, the wants and priorities of those closest to the situation may not actually understand the real needs of the greater market and what is actually marketable.

For example, we know Livermore is a sought-after community, filling apartments and condos is no problem. However, we have no idea if a 130-room hotel will ever sell out or if a 75,000 square  retail center will find an anchor store. In fact, Livermore traditionally has not supported big-box retail outside of the “freeway zone” and vacancy rates of the local hotels are not low enough for hoteliers to be attracted to building a new facility, downtown or otherwise. The market will dictate what makes economic sense, someone just needs to be listening.

Link to EBT Article

In The Know – News Brief From Lee East Bay — Lee & Associates – East Bay, Inc.

WALNUT CREEK East Bay Office Allows Lee To Fully Serve Clients Farm Creek Brewing Company Opens In Walnut Creek Jeu De Jupe Moving In Downtown Walnut Creek Pancheros Mexican Grill Coming To The Orchards At Walnut Creek Shopping Center SoulCycle Opening August 11th In Broadway Plaza PLEASANTON Work Set To Start At Shoppes At […]

via In The Know – News Brief From Lee East Bay — Lee & Associates – East Bay, Inc.

In The Know – News Brief From Lee East Bay

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In The Know – News Brief From Lee East Bay

PLEASANTON

 

OAKLAND

 

ADDITIONAL NEWS

In The Know – News Brief From Lee East Bay

PLEASANTON

 

OAKLAND

 

ADDITIONAL NEWS

In The Know – News Brief From Lee East Bay

PLEASANTON

 

OAKLAND

 

ADDITIONAL NEWS

In The Know – News Brief From Lee East Bay

PLEASANTON

OAKLAND

ADDITIONAL NEWS

Ikea Purchases Dublin Land

Yes, this is 2016 not 2005. Doesn’t this story sound eerily familiar?

Ikea has purchased a 25 acre parcel encompassed by Hacienda Drive to the east, Martinelli Drive to the North and I-580 to the South. This is the site Ikea sold to Blake Hunt Ventures back in 2006.

The 2006 sale was sudden, Ikea siting the Emeryville and East Palo Alto locations sufficiently serviced their East Bay clients and the need for Dublin had diminished. At that point, the Ikea site was just just 14 acres with plans for a 230,000 square foot store. Blake Hunt Ventures, a prominent retail and residential developer, owned the neighboring parcel slated for residential development. The purchase of the Ikea site nearly doubled the size of BHV original development plans.

Fast forward to 2015.

Blake Hunt Ventures was delivered a blow mid-2015 when the City of Dublin shot down the mixed residential and retail development plan. It become increasingly clear that residential was not going to future for the site. In walks Ikea. After a short escrow period Ikea closes the deal in early March 2016.

The new plan? A 339,000 square foot store, equipped with a restaurant and children’s play area on approximately 21 acres. The remainder 6 acres could accommodate up to 52,000 square feet of retail or ancillary development.  If approved by the City of Dublin the targeted opening date is mid-2018.

Registry Article on Ikea

Ikea Dublin

 

La Boulange Closure

A few years back in 2012 worldwide corporation Starbucks bought the La Boulange Bakery chain. Now a few years later, on  Tuesday, Starbucks announced they will be shutting down all 23 La Boulange locations. It has not been disclosed what will become of these locations, but these soon to be vacancies will become opportunities for prime Bay Area retail space.

La Boulange Bakery has one near by location in downtown Danville and another in downtown Walnut Creek, both areas are great locations for any business due to their excessive foot traffic and broad range of customers.

IMG_0134-1024x768bacc0db4c86541d26cae6d3c6451329f

Walnut Creek (left) located at 1348 Broadway Plaza, Walnut Creek, CA 94596.

Danville (right) located at Iron Horse Plaza, 405 Railroad Ave, Danville, CA 94526.

Danville Fresh & Easy Closure

Corporately Fresh & Easy is in the process of subleasing their buildings; near by locations include Danville and Pleasanton.

As many of you may know along with the Fresh & Easy abandoning Danville, Walgreens is going with it. With this said, rumors have been flying that a Walmart Neighborhood Market will be coming to occupy this space. From credible sources I have come to the discovery this rumor is NOT true, it is untold what will be the new face of this space but keep checking in to learn more about this story and possible candidates.

This space is located at:

Green Valley Shopping Center, 460 Diablo Road, Danville, CA 94526

1-17-11 FE DANVILLE Dolores Fox-Ciardelli

Retail and Office Buildings For Sale – San Ramon, Livermore, Danville

I am often asked why there seem to be no “small” buildings in the Tri-Valley market and why more of these “s234 mainmall” buildings do not come to market for sale. The most requested size range for the small business owner is 5,000 to 10,000 square feet, which constitutes a small building; especially when comparing to the half million square foot buildings commonly found in Bishop Ranch.

Due to living in such a suburban market, the majority of the shopping centers and office projects are planned and built as one large parcel that may contain multiple buildings. As opposed to an urban and older markets which had the tendency to be developed by individual owners to accommodate their needs. The larger the parcel, the more square footage, the more rents collected, the bigger the price tag. Thus, the inventory of free-standing buildings within a smaller size range more suited for small business owners are far and few in suburban markets (like the Tri-Valley) and more plentiful in urban markets.

Lately we have seen an influx of owner/user office and retail buildings come to market. These range in price from $1 million to $7 million. One of my favorite buildings being a 9,000 square foot two-story building in San Ramon once occupied by a bank but would make for a great medical building. Pleasanton has a beautiful multi-tenant retail building in downtown, a trophy for any real estate investor. Surprisingly, Danville has a couple options as well! Dublin remains very tight, with virtually no inventory of small retail and office buildings readily available for purchase.

Due to confidentiality reasons I am not able to share specific details on these properties.

If you are looking for a building, as a business owner or investor, retail, office, medical, or mixed-use, please feel free to contact me for a comprehensive market survey.

Deconstruction Underway in Pleasanton on I-680

Clorox Former Site

If you have driven down 680 lately and looked east, you might notice the half torn down building near the Stoneridge off ramp. This is the former Clorox campus which was relocated a few years back to 4900 Johnson Drive, just a few blocks closer to Hacienda Business Park.

The former campus is comprised of 14 acres, 900 feet of freeway frontage, and just under 300,000 square feet of existing building structures. The property was purchased by a local commercial property owner and developer, Nearon Enterprises back in Q2 of 2013.

The site will be redeveloped and a number of retailers have been rumored to have interest, including Costco. There have been no official plans released as of yet but clean-up of the site is well underway.

Pastime Plaza, a Downtown Pleasanton Redevelopment Story

Sotheby’s International Realty to open Pleasanton office | October 10, 2014 | Pleasanton Weekly | PleasantonWeekly.com |.

Have you been wondering what will replace the former Pastime Pool at 511 Main Street? Starbuck’s will be taking a portion of the ground floor retail space. This will be one of the few “Evening” concepts, serving wine, beer, and a variety of small bites after 4pm. In addition, Sabio on Main, a tapas restaurant will also be joining the line-up. Sabio’s menu will focus on small plates in addition to offering a full bar and extensive wine list.

The second floor will consist of Sotheby’s International Realty. You can read move about the developments on Pleasanton Weekly.

 

Tri-Valley Retail Market Continues to Burn

Exciting times if you work in the retail side of commercial real estate. We are seeing deals in all shapes and sizes, something we thought may never happen after the massacre of ’08… errr… I mean economic downturn. New development, old development, partially developed, the train is moving full steam ahead.

Vacancy is extremely low and prices have most certainly jumped by over 20% in most places and even closer to 30% in select pockets. Keep a finger on the mouse, more new posts to come, including some of the hot lease and sale opportunities currently on the market.

P.S. – I hope everyone has had a chance to discover Gotta Eatta Pita. They have two locations, Danville and Pleasant Hill with a location coming soon in Pleasanton near Hopyard and Owens Drive. I am in no way affiliated with the company they are just my favorite new quick serve restaurant. I promise you will not be disappointed!

 

City Center San Ramon Plan Unveiling

So much to blog about and so little time! A few weeks back I was one of about one-hundred and fifty attendees at Dougherty Valley High School for the unveiling of the San Ramon City Center plans. It was a great presentation, topped with the perfect character telling the story of how the project has come to fruition across an ocean and on a different continent.  The main speaker was the architect on the project, Antonio Belvedere, a partner at the Renzo Piano Building Workshop in Genoa. He went through a very detailed story of projects that his firm has designed prior to leaping into the downtown development we know as City Center.

The entire project is built around an approximately 100′ by 400′ yard piazza, and this piazza will be the center off all shopping, dining, and entertainment. The total shop space was estimated at 350,000 square feet and will be dedicated to just retail and restaurants on two levels. There will be no office or hotel in this phase, that will come in phase two.

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Phase one will begin construction in 2015, which include the demolition of a couple office buildings nearest to Whole Foods. Phase one will span from Bishop Drive east to Camino Ramon. To clarify, the raw land on Bollinger Canyon and Camino Ramon will be phase two, consisting of hotel and office space which does not have a development date set.

“The project is entirely conceived around a generous piazza surrounded by six pavilions of varying sizes,” Piano has been quoted in previous press releases. “All of the pavilions have a direct relationship to the piazza and each of them contributes to animate it.”

As you drive by the new downtown, referred to as The Plaza District, there will be direct line of sight into the piazza because the walls will be glass. A multi-level parking garage will be on the east side of the project, incorporated into the design of the center, not a separate free standing garage you may find at a BART station. Overall, the plans are amazing and true work of beauty. The amount of detail that has been dedicated to making this the crown jewel of the I-680 corridor is obvious. As more plans become available I believe the community will be pleased with the vision Sunset Development has for San Ramon’s downtown.