Investment firm Seacliff Properties has acquired a retail site in upscale San Anselmo through a $10.4M exchange acquisition, landing a property long occupied by Andronico's Community Market.
Colliers brokered the deal and tell us the site is an "extremely rare" single-tenant, big-box site in an affluent community. The 22k SF building occupied by Andronico's is positioned on a 53,557 SF pad.
The limited number of such sites in San Anselmo and consistently low vacancy rates among retail properties made the stable, net-leased investment property an attractive acquisition for Seacliff, says Colliers VP Bryan Webb, who repped Seacliff along with EVPs James Devincenti and Brad Lagomarsino.
That's a pic of Bryan above (far right) while skiing in Vail with Joe Giovara on the left and Brad Lagomarsino in the middle.
Colliers worked with Seacliff to negotiate a complex, tax-deferred 1031 exchange transaction, Bryan says. The seller was a private investment fund.
Andronico's Community Markets, which has five locations in the Bay Area, recently exercised a five-year, triple-net renewal option on the San Anselmo property at 100 Center Dr (shown above). The high-end grocery chain is renovating the property and putting around $1.1M into upgrades.
That level of stability and commitment from Andronico's made the property even more attractive for Seacliff, Bryan says.
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