Cornish & Carey Commercial Newmark announced that Menlo Park-based, commercial real estate firm Deerfield Realty acquired the retail portion of award-winning mixed-use development The Mercer - called The Mercer Retail — from Prometheus Real Estate, the Bay Area’s largest private owner of multi-family properties. The Mercer Retail, located at 1615-1699 North California Boulevard in Walnut Creek is comprised of a 22,023 square foot ground floor retail condominium built below 181 luxury residential apartments and condominiums. Forrest Gherlone, Mike Zylstra, and Cece Vohs Cimino of Cornish & Carey Commercial Newmark’s Walnut Creek office together with Michael Maffia and Putnam Daily of Newmark Cornish & Carey Commercial’s Leased Investment Group - Maffia Team, represented both Deerfield and Prometheus in the sale transaction.
“The Mercer Retail sale is a great transaction for both parties,” said Cornish & Carey Commercial Newmark Senior Sales Associate Forrest Gherlone. “This deal allows Deerfield to grow its East Bay presence with a high-end retail asset and Prometheus to harvest capital to re-deploy in new development and investment ventures. The Mercer Retail remains in capable hands and will continue to thrive as an important retail center for downtown Walnut Creek.”
The Mercer is a unique, high-end mixed-use property situated on an attractive, hard corner location in an affluent neighborhood of downtown Walnut Creek, the central city in the 680 corridor. Luxury apartments and condos provide a built-in customer base to shop at the retail component on the ground floor. The Mercer Retail is currently 83% leased to a mix of local and regional tenants including Mike’s Bikes, Metamophosis Spa, Continuing Cosmetology Academy, Skin Spirit, Galaxy Nails and The Counter. Deerfield plans to secure tenants for the remaining three suites.
The Mercer was a finalist for the 2010 NAHB Multifamily Pillars of Industry Award in the Best Garden/Small Scale Condo Community category, received an Outstanding Award of Merit from Action for Beauty in 2009, and was named Residential Development of the Year by the East Bay Business Times in 2006.
About Cornish & Carey Commercial Newmark
A dominant regional real estate force since 1935, Cornish & Carey Commercial merged in 2010 with Newmark, one of the largest independent real estate service firms in the world, to become Cornish & Carey Commercial Newmark. Regionally, more than 275 agents in 13 strategically located offices throughout Northern California create a powerful combination of people and services that uphold Cornish & Carey Commercial Newmark core values of integrity and knowledge. Headquartered in New York, Newmark and London-based partner Knight Frank operate from over 220 offices in established and emerging property markets on six continents. With a combined staff of 7,300 and revenues last year exceeding $861 million, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide. For more information, visit: www.ccareynkf.com.
About Newmark
Newmark is one of the largest independent real estate service firms in the world. Headquartered in New York, Newmark and London-based partner Knight Frank operate from over 220 offices in established and emerging roperty markets on six continents. With a combined staff of 7,300 and revenues last year exceeding $861 million, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide. For further information, visit www.newmarkkf.com.