Shopping Center Sets '13 Record
In the largest retail deal in NorCal this year (by size), Catellus just sold the 865k SF Pacific Commons Shopping Center in Fremont to Heitman (price is undisclosed). Big-name tenants include Costco, Kohls, Nordstrom Rack, and DSW. Heitman was "very pleased" with the deal, according to its Orrick attorney Mike Liever. (The seller worked with Allen Matkins in OC.) There were a "ton" of other institutional investment funds that bid on the site, Mike says. (Their own version of Black Friday?) The deal shows how strong the Bay Area economy is and how badly big investors want to own real estate here. Mike tells us the deal was complicated because it involved assuming a CMBS loan.