NKF Capital Markets has announced the sale of The Streets of Brentwood, a high-profile grocery-and theatre-anchored lifestyle center located in the San Francisco Bay Area. The 358,615-square-foot center includes a 14-screen AMC Theatre, DSW, ULTA and a new Sprouts Farmers Market.
NKF Capital Markets Vice Chairman Nicholas Bicardo and Managing Director Brandon Rogoff represented the seller, a fund managed by DRA Advisors, in the transaction to the buyer, Fairborne Properties (Chicago, IL).
The Streets of Brentwood benefits from nearly 70,000 cars that travel by it daily due to its proximity to Highway 4. Situated on approximately 49 acres, the property is also being delivered with fully-entitled development parcels totaling nearly 12 acres that can support an additional 80,000 square feet of retail as well as outparcels suitable for quick-service restaurants. Fairborne Properties also has the opportunity to add multifamily on one of the parcels.
“The Streets of Brentwood has experienced a significant upgrade to the quality and stability of its tenant roster over the past five years and has become the ‘go-to’ center in an affluent trade area where experiential shopping is limited,” said Bicardo. “We had a tremendous amount of capital chasing this opportunity given the continued growth prospects of the trade area and quality of the asset.”
About NKF Capital Markets
NKF Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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