Primestor Development Expands into Northern California with Acquisition of Hilltop Plaza Retail Center in Richmond, CA
Primestor Development (Primestor), a prominent minority-owned and led real estate development and investment firm based in Los Angeles, has completed the $36.5 million acquisition of Hilltop Plaza, a 245,921-square-foot community retail center in the East Bay city of Richmond. Located at 3190-4251 Klose Way, Hilltop Plaza is situated atop 59 acres and boasts exceptional access and visibility with 2,500 linear feet of frontage along Interstate 80. JLL's Geoff Tranchina, Eric Kathrein, Gleb Lvovich, and Warren McClean represented both Primestor and the seller in the transaction.
"We are excited to enter the Northern California market and continue to build on our momentum with another acquisition in a challenged transactional market," shared Primestor's VP of Acquisitions, Alán Sneider. "Hilltop Plaza matches our criteria and goals for redeveloping centers tailored to the communities they serve. This is a great property with which to expand our portfolio." In a recent interview with CoreNet Global, Sneider discussed Primestor's emphasis on attracting equitable retail investment in undersupplied communities, which he expects the firm to accomplish at Hilltop Plaza.
Lonnie Vidaurri, the firm's Chief Investment Officer, added, "Hilltop Plaza represents the opportunity to acquire a strategic infill project that aligns with our investment strategy of empowering communities through the acquisition and management of institutional quality real estate. The project is characterized by high barriers to entry, a rapidly expanding minority population, adjacency to regional transportation infrastructure, and a location within a re-envisioned specific plan."
Primestor Director of Leasing, Rhiana Lindsey stated, "Hilltop Plaza currently boasts an 88% occupancy rate, featuring nationally recognized and credit worthy tenants such as Ross Dress for Less, City Sports Club, dd's Discounts, and Century Theatres. Along with the community, these businesses are integral to our ongoing engagement efforts to enhance the appeal of our properties as vibrant shopping and entertainment destinations. We are actively negotiating with several prospective tenants that would be excellent additions to the tenant mix and bring attractive offerings to the local community."
Since inception, Primestor has invested more than $1.0 billion in urban, mixed-use real estate and continues to carry out its unique community-oriented business model centered on local economic empowerment of underinvested, minority neighborhoods via local job creation, local sales tax generation, and catalytic infrastructure improvements. The company's long-standing community engagement process is further underscored by its partnerships with local governments, community organizations, national credit tenants, and local stakeholders.
About Primestor
Founded in 1991, Primestor is a leading investor, developer and manager of transformative, community-oriented real estate projects, predominantly in the Western United States. Headquartered in Los Angeles, Primestor is minority-founded, owned and led and sees its diversity as core to its mission and success. For more information, visit Primestor.com.
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