Newmark Completes Sale of Grocery-Anchored Shopping and Community Center in San Francisco’s East Bay Area

October 4, 2023 9:00 AM

Newmark[1] announces it has completed the sale of Pacific Pearl, a newly developed, ethnic grocery-anchored shopping and community center in Pleasanton, California. The property traded for an undisclosed amount.

Newmark Vice Chairmen Nicholas Bicardo and Bill Bauman, Executive Managing Director Kyle Miller and Associate Director Cheyne Bloch facilitated the transaction.

“We have seen significant capital formation around ethnic grocery-anchored retail assets on the West Coast over the past five years from both institutional and private family offices,” said Bicardo. “The targeted market that ethnic grocers serve allows them to compete in a lane outside of the other larger format grocery operators, resulting in higher sales volumes for the grocer and the balance of the shopping center.”

Developed in 2018, Pacific Pearl is comprised of 110,511 square feet and is anchored by 99 Ranch Market, the largest Chinese and Pan-Asian supermarket in the country. Curated by a dynamic mix of Asian-themed retailers, Pacific Pearl is home to 85 Degrees Bakery, Mochinut, Kura Sushi and Bonchon Chicken, as well as other specialty retail and services. The property is shadow-anchored by the San Francisco Premium Outlets, which draws more than 6.5 million visitors annually.

Situated in the heart of the Tri-Valley, Pacific Pearl is surrounded by a trade area population exceeding 195,000 people with an average annual household income of $180,305 within a five-mile radius. While Pacific Pearl draws customers from over 35 miles away, the immediate area is surrounded by a dense collection of housing communities, employers and retail shops.

Institutional and private buyers have a clear appetite for retail, based on sales volume changes from 2019 to 2022 across California’s major commercial property segments, according to Newmark Research. Statewide retail sales were up 23.1% over this period, vastly outpacing multifamily, industrial, hospitality and office.[2]

[1] Dba Newmark Knight Frank in California
[2] MSCI Real Capital Analytics

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.