Retail Property in Albany, California Sells for $403.15 Million
A 15,000 square foot retail property located at 929 San Pablo Ave in Albany, California has been sold for $403.15 million.
In a major deal for the commercial real estate market, a retail property located at 929 San Pablo Ave in Albany, California has been sold for 403.15 million. The property spans 15,000 square feet and was sold at a price of 26,876 per square foot. The deal closed on November 18, 2021.
The buyer of the property has not been disclosed, but the seller was a private investment firm based in New York City. The brokers involved in the deal were also not disclosed.
The property is located in a prime retail area, with high foot traffic and visibility. It is situated on a busy street with a mix of retail and residential properties. The property is currently fully leased to a mix of national and local tenants, including a popular grocery store chain.
The sale of this property is a testament to the strength of the retail real estate market in California. Despite the challenges posed by the COVID-19 pandemic, retail properties in prime locations continue to attract strong interest from investors. The high price per square foot paid for this property is a reflection of the demand for well-located retail assets.
Overall, this sale is a significant transaction for the commercial real estate market in California and is likely to have a ripple effect on pricing and demand for similar properties in the area. It will be interesting to see how the buyer plans to leverage this prime asset in the coming years.