Updated Dec 4, 2024
Alan Sneider Acquires Hilltop Plaza Retail Center In Richmond For $36.5M
3190 Klose Way & 4251 Klose Way
$36,500,000
$74/SF
Building Size
245,921 SF
Asset Type
Retail
Closing
Jun 10, 2024
About this deal
AI
The retail property at 3190-4251 Klose Way in Richmond, CA has been sold for $36.5 million. The asset, known as Hilltop Plaza, spans 245,921 square feet of space. The transaction involved the buyer Alan Sneider of Primestor Development and the seller David R. Lukes of Site Centers Corp.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $36,500,000
- Address: 3190-4251 Klose Way
- Market: Richmond
- Square Footage: 245,921
- Buyer: Alan Sneider - Primestor Development
- Seller: David R. Lukes - Site Centers Corp.
- Brokers: Eric Kathrein, Geoff Tranchina, Gleb Lvovich & Warren McClean - JLL
The acquisition of Hilltop Plaza marks Primestor Development's inaugural deal in Northern California. The retail center, with 88% occupancy, is home to tenants like Ross Dress for Less and Cinemark. Primestor Development has plans to introduce additional tenants to further enhance the property's tenant mix.
On the Map
$36,500,000
$74/SF
Retail
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.43%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93