PLEASANTON — An Asian-themed shopping center in Pleasanton has been bought in a deal that shows some retail categories remain popular despite post-coronavirus economic uncertainties.
Pacific Pearl, a retail complex whose anchors include 99 Ranch Market, the nation’s largest Asian supermarket chain, was bought by a group headed up by San Diego-based Tourmaline Capital and its president, Jonathan Cheng, according to documents filed on Sept. 20 with the Alameda County Recorder’s Office.
The buyer group paid about $48.2 million for the retail center, located at 2733 Stoneridge Drive in Pleasanton, the county real estate records show. Tourmaline Capital is a real estate firm that buys and operates retail and mixed-use properties on the West Coast.
“A regional drawing, grocery-anchored, Asian-themed and food-centric center” is how a marketing brochure prepared by Lockehouse Real Estate Group describes the retail complex.
The Pacific Pearl center totals about 110,500 square feet, according to the Lockehouse Real Estate brochure. The center is roughly 90% leased, the marketing materials state. The purchase price worked out to roughly $436 a square foot.
Besides 99 Ranch Market, another major feature of the shopping center is Pacific Food Hall, which contains an array of restaurants.
Smaller tenants include TopPot, Ying Ji Chang Fen, Fiery Shanghai, Bejing Chef, Kura Sushi, Snowflake Ice Cream, Bak Kung Korean BBQ, a vision center and a dental office, the Lockehouse Real Estate brochure shows.
“This shopping center is anchored by 99 Ranch Market with new and exciting restaurant concepts and specialty retail and services that drive traffic,” Lockehouse Real Estate says in the marketing flyers.
Danville-based Blake Griggs Properties, acting through an affiliate, sold the Pacific Pearl shopping center through an affiliate that had developed the complex, county and state business records show.
“Asian-themed centers seem to be doing fairly well,” said David Taxin, a partner with Meacham Oppenheimer, a commercial real estate firm. “It’s a good price per square foot.”