Newmark Capital Markets has announced the sale of Diamond Heights Shopping Center, a 75,630-square-foot grocery- and drug-anchored center, located at 5214-5290 Diamond Heights Boulevard in the heart of San Francisco.
Newmark Capital Markets Vice Chairman Nicholas Bicardo, Director Brandon Rogoff and Associate Director Bryce Holman represented the private seller in the transaction to buyer Donahue Schriber.
Diamond Heights Shopping Center is a grocery- and drug-anchored shopping center that serves the highly-desirable neighborhoods of Diamond Heights, Noe Valley and Glen Park. The property is anchored by one of the highest-performing Safeway stores in the chain that has been in operation for more than 50 years at this site. The balance of the property is occupied by daily-needs tenants including Walgreens, Bank of America, and the United States Postal Service.
“This transaction marks the first time in nearly 40 years that the Diamond Heights Shopping Center has been available to the investment market. The asset’s location, size and rich operational history “checks every box” for both institutional and private investors. Diamond Heights was one of the most sought after grocery-anchored assets on the West Coast in this cycle,” said Bicardo.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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