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NYC Institutional Investor Enters Bay Area With $18M Retail Buy

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NYC Institutional Investor Enters Bay Area With $18M Retail Buy

With an $18M purchase of a Novato shopping center, Ares Management has stepped into the Bay Area.

The New York-based institutional investor bought the 98k SF Downtown Novato Shopping Center for $183/SF along with partner Citivest Commercial Investments. Marcus & Millichap repped the buyers.

Ares acquired the property at the corner of Grant Avenue and 7th Street (with a cap rate on the sale of 4.2%) for one of the investment funds it manages, according to The Registry. The shopping center had been held in a family trust, repped in the sale by Michael Cisternino of Transwestern. The center is anchored by a Lucky Supermarket and a CVS.

The purchase was part of a two-property transaction that included the Temecula Town Center in Temecula. [TR]