Why Deutsche Is Bullish on Richmond Retail
Deutsche Asset & Wealth Management bought Pacific East Mall in Richmond for $31M at the very end of December.
Verbena Road Holdings sold the 125k SF shopping mall in a deal brokered by CBRE's San Francisco office. The all-cash deal produced a cap rate of around 4%.
CBRE's Don LeBuhn and Andrew Reeder repped the seller in the transaction. Don says the property has strong performance with the anchor Ranch 99 Market the second-best-performing store in the chain, according to The Registry.
The sale of the property included a ground lease with another 35 years on it that calls for 15% rent increases every five years. The shopping center is 99% leased.
Verbena principal Dennis Wong sold One Powell Street in San Francisco to Deutsche for $150M earlier in December. [TR]
