Primestor enters NorCal with center acquisition
Los Angeles-based real estate development and investment firm Primestor Development has ventured north for its latest acquisition.
The firm has completed the $36.5 million acquisition of Hilltop Plaza, a 245,921-sq.-ft. community retail center in the East Bay city of Richmond. Hilltop Plaza is 89% leased to a variety of tenants including Ross Dress for Less, City Sports Club, dd’s Discounts, and Century Theatres, as well as an assemblage of QSR, daily needs, and service tenants.
“We are excited to enter the Northern California market and continue to build on our momentum with another acquisition in a challenged transactional market,” shared Primestor’s VP of acquisitions Alán Sneider. “Hilltop Plaza matches our criteria and goals for redeveloping centers tailored to the communities they serve. This is a great property with which to expand our portfolio.”
The Northern California acquisition is Primestor’s second of 2024, following the $90 million purchase of the Esplanade Shopping Center, a 357,000-sq.-ft. grocery-anchored community center in the coastal city of Oxnard, Calif., located between Santa Barbara and Los Angeles.
“Hilltop Plaza represents the opportunity to acquire a strategic infill project that aligns with our investment strategy of empowering communities through the acquisition and management of institutional quality real estate,” said Lonnie Vidaurri, Primestor’s chief investment officer. “The project is characterized by high barriers to entry, an expanding minority population, adjacency to regional transportation infrastructure, and a location within a re-envisioned specific plan.”
Since its founding in 1991, Primestor has invested more than $1.0 billion in urban, mixed-use real estate. The firm currently has 10 active open-air properties, with all but two (in Phoenix and Las Vegas) located in California.