Bay Area Retail Occupancy Keeps Rising
Bisnow is the first to get its paws on John Cumbelich & Associates' quarterly report for the Bay Area’s regional shopping centers. Amazingly, despite starting the quarter at 97.10% occupancy, the market saw net positive absorption, and moved still higher to 97.34%, John tells us. Occupancy rates and rent levels are both at all-time highs. Five of the region’s 25 flagship power centers continued to maintain 100% occupancy, including two assets over 500k SF (Bridgepointe in San Mateo and Santa Rosa Marketplace). A recent deal his firm did was Orchard Supply Hardware's 63k SF lease in downtown Pleasant Hill.
Meanwhile, a rare center sale just occurred in Dublin. American Realty Advisors scooped up the 283k SF Dublin Place Shopping Center for $51.1M. The 97% occupied property is anchored by Target, Hobby Lobby, Burlington Coat Factory and Toys R Us. The seller was PFRS Dublin Corp, and plans include bringing existing below market rate rents up and upgrading existing buildings.