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

Mirchi – Seasoned, With Spice — Lee & Associates – East Bay, Inc.

The Village Green is a small shopping center off Village Parkway in Dublin that is home to many long term tenants; Hairquarters, Dublin Vacuum, The Clock Shop, etc. The former restaurant space at the entrance has been vacant for some time now, and many residents wondered what would take that space. Well, we have an […]

via Mirchi – Seasoned, With Spice — Lee & Associates – East Bay, Inc.

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

WALNUT CREEK Safeway Opens In Orchards Shopping Center In Walnut Creek Anthropologie & Co Reopens In Gigantic Spot In Downtown Walnut Creek Urban Remedy Signage Up In Downtown Walnut Creek Forever Yogurt + Bee & Tea Signage Up In Walnut Creek Spirit Halloween Opens In Plaza Escuela In Downtown Walnut Creek Poke Salad Opening Soon […]

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

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

WALNUT CREEK Godiva Opens In Broadway Plaza, Soft Serve Ice Cream Available Old Navy Coming To Broadway Plaza In Walnut Creek Lowe Enterprises Acquires Walnut Creek Office Asset For $36MM Let The Demolition Begin – Veranda Shopping Center Coming To Concord BevMo! Gets Remodeled At N. Main St. Location In Walnut Creek LEI Grabs 105K […]

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

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

WALNUT CREEK Colliers International Arranges The Largest Apartment And Land Sale In Concord For $59.5MM Circa 1951 Broadway Plaza Unveils Redesign To Public True Food Kitchen Opening October 18th In Broadway Plaza In Walnut Creek VICI Opening September 12th In Downtown Walnut Creek PLEASANTON DXL Men’s Apparel Opening In Dublin Place Rodan + Fields […]

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

Michaels Is Coming To Livermore — Lee & Associates – East Bay, Inc.

Craft Lovers get ready……we have big news! If you have driven on East Stanley Boulevard you may have noticed some changes in The Village at Livermore Shopping Center! We are happy to report that there will soon be a Michaels Arts & Crafts store opening. Since Richard’s closed Livermore craft enthusiast have been looking for […]

via Michaels Is Coming To Livermore — Lee & Associates – East Bay, Inc.

In The Know – News Brief From Lee East Bay

PLEASANTON

 

OAKLAND

 

ADDITIONAL NEWS

W.L. Butler Construction Looks To Build New Redwood City Headquarters

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

Tesla Rival, Planning For California Electric Car Factory, Grows In Fremont

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

 

Stoneridge Chrysler, Jeep, Dodge Relocating from Dublin

For those driving past the the now empty Chrysler, Jeep, Dodge dealership at the end of Amador Plaza Road in Dublin, don’t fret, it will not be vacant for long.

Stoneridge Dodge Jeep is in the process of moving to a brand new facility near the outlets in Livermore. Easily seen from I-580 on the Pleasanton side of Fallon Road, there is a beautiful new grey building taking shape. The moving trucks seen earlier in the week at the old Dublin dealership were parked over the weekend at the new facility.

In addition to Stoneridge Dodge Jeep relocating to Fallon Road, CarMax is planning a new location on a neighboring site on the Fallon Road corridor. No word on when CarMax plans to begin construction.

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.