Tourmaline Capital has picked up an Asian shopping center in Pleasanton for $48.2 million.
The San Diego-based investor and its President Jonathan Cheng bought Pacific Pearl, a 110,500-square-foot retail center anchored by 99 Ranch Market at 2733 Stoneridge Drive, the San Francisco Mercury News reported.
The seller was an affiliate of Danville-based Blake Griggs Properties. The price works out to $436 per square foot.
The food-centric shopping center is 90 percent leased, according to a marketing brochure by Lockehouse Real Estate.
Besides 99 Ranch, tenants include TopPot, Ying Ji Chang Fen, Fiery Shanghai, Beijing Chef, Kura Sushi, Snowflake Ice Cream, Bak Kung Korean BBQ, a vision center and a dental office.
“Asian-themed centers seem to be doing fairly well,” David Taxin, a partner with Meacham Oppenheimer, told the Mercury News. “It’s a good price per square foot.”
Island Pacific Market, a Walnut-based Filipino grocery chain, signed a long-term lease last month for its first grocery in San Francisco at a 33,900-square-foot location in the Outer Mission.
After H Mart opened a Korean-American market in nearby Ingleside Heights in 2021, it became so popular that the New Jersey-based chain filed plans last summer to lease another 27,000 square feet at Oceanview Village Shopping Center.
— Dana Bartholomew
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