Newmark Knight Frank (NKF) is pleased to announce the sale of the Pacific Avenue Retail Portfolio in Stockton on behalf of Stone Bros Management. The Portfolio, which is comprised of Robinhood Plaza and StoneCreek Village, totals 262,288 square feet.
NKF Vice Chairman Nicholas Bicardo and Managing Director Brandon Rogoff represented the seller Stone Bros Management in the transaction to the buyer Highpoint Capital Group.
The Pacific Avenue Portfolio is comprised of two of the highest quality retail assets in the central valley; Robinhood Plaza and StoneCreek Village. Both assets are prominently positioned across the street from each other on the corners of Pacific Avenue and Robinhood Drive, in the heart of the Stockton retail market.
Stockton is a rapidly evolving city of 300,000 people and is widely considered the economic, political, and social epicenter of California’s central valley. Stockton has established itself as an irreplaceable component to the greater San Francisco Bay Area economy as Stockton is strategically positioned 50 miles south of California’s state capitol, Sacramento, and 80 miles east of the world’s most prosperous and innovative metropolitan city, San Francisco.
Located on the northwest corner of Pacific Avenue and Robinhood Drive, Stone Creek Village features a mix of quick-service and casual restaurants, soft good retailers and high-quality office suites on the second level. Built in 2008, the center was developed as an open-air village with stone pathways and outdoor fountains. Stonecreek Village encompasses 169,897 square feet of space including a BJs Brewery, Boudin Bakery and Five Guys Burgers, among others.
Robinhood Plaza is a 92,391-square-foot Ross Dress for Less-anchored community center. Located on the northeast corner of Pacific Avenue and Robinhood Drive, the center sits on one of the busiest intersections in Stockton and enjoys an expansive draw area due to the host of complementary retailers located nearby. Currently 100 percent occupied, Robinhood Plaza has maintained a high historical occupancy and entrenched tenant roster.
“It’s rare for two assets that are also across the street from each other to be sold simultaneously by the original developer. We fielded multiple offers on both assets, which is a testament to the properties’ value proposition and location within the submarket,” said Bicardo.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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