Foster City’s Marlin Cove Shopping Center is changing hands for $17.38 million in an off-market deal that closed fast.
How fast?
“The deal was all cash in 21 days,” said Ryan Forsyth of Cornish & Carey Commercial Newmark Knight Frank , who represented the buyer, Retail Opportunity Investments Corp., with colleague Scott Crowle. The seller was not disclosed.
The 74,596-square-foot center, at 1070-1098 Foster City Blvd., includes a three-story office building and 53,379 square feet of retail. It is 75 percent leased, and tenants include 99 Ranch Market, Starbucks and Round Table Pizza. The office building includes doctors’ offices and PrimePay, a payroll services company.
Nearby is the high-rise apartment complex Marlin Cove apartments, with 280 units. Also, in April the city sold a 15-acre property to developer The New Home Co. for $30 million. Plans for the site, adjacent to City Hall at 610 Foster City Blvd., include 30,000 square feet of retail and a senior-housing complex that would add 400 townhomes, condos, assisted living units and affordable apartments to the region.
“The population is going to get denser,” Forsyth noted.
Marlin Cove Shopping Center in the past has leased for about $2.50 a square foot.
ROIC focuses on retail properties and has 32 shopping centers across the country. In Northern California, it owns centers in Sacramento, Stockton, Pleasant Hill, Monterey County and Pinole. The company posted gross profit of $51.7 million for the year ended Dec. 30, 2011.
David Goll covers health care, retail, nonprofits and education at the Business Journal. His phone number is 408.299.1853.
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