Updated Dec 4, 2024
Tourmaline Capital Acquires Pacific Pearl Asian Shopping Center For $48.2M
2733 Stoneridge Drive
$48,200,000
$436/SF
Building Size
110,500 SF
Asset Type
Retail
Closing
Sep 26, 2023
About this deal
AI
The Pacific Pearl Asian shopping center located at 2733 Stoneridge Drive in Pleasanton has been sold for $48.2 million. The retail property spans 110,500 square feet and is situated in the Pleasanton market. The sale price amounts to $436 per square foot.
Summary of transation details
- Property Type: Retail
- Transaction Amount: $48,200,000
- SF: 110,500
- PPSF: $436
- Address: 2733 Stoneridge Drive
- Market: Pleasanton
Tourmaline Capital, led by President Jonathan Cheng, acted as the buyer for the Pacific Pearl Asian shopping center. On the other side of the transaction, the seller was Blake Griggs Properties, with Bradley Blake serving as their representative. The anchor tenant of the shopping center is 99 Ranch Market. The acquisition of this property marks a significant investment for Tourmaline Capital, expanding their portfolio in the retail sector.
Pleasanton Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93