October 28, 2024
(press release)
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SAN FRANCISCO, Oct. 28, 2024 – JLL Capital Markets announced today that it has closed the $9 million sale of Twin Canyon Shopping Center, a 23,149-square-foot retail strip center located in San Ramon, California. JLL represented the seller, a private entity. The buyer was TownCentre Capital. Strategically positioned at 2450-2550 San Ramon Valley Blvd., Twin Canyon benefits from its prime location at the intersection of San Ramon Valley Blvd. and Norris Canyon Rd. The center is situated in the heart of San Ramon's retail corridor, with excellent visibility and access from I-680. San Ramon, nestled in the East Bay region of the San Francisco Bay Area, boasts robust economic fundamentals and an affluent customer base. The city's prosperity is evident in its impressive average household income of $231,451 within a three-mile radius of the property. This thriving area has experienced significant growth, attracting major employers such as Chevron, GE Digital and SAP, further solidifying its position as a desirable location for businesses and residents alike. Built in 1980, Twin Canyon Shopping Center is a thriving retail destination on a 2.36-acre site. The property is 100% leased, featuring a diverse tenant mix including Round Table Pizza, Beer Area Liquors and Bricks & Minifigs. The center benefits from a stable tenant base with an average occupancy of over 11 years. JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Managing Director Eric Kathrein and Director Warren McClean. "Twin Canyon Shopping Center represented an excellent opportunity to acquire a fully leased, high-quality retail asset in one of the Bay Area's most desirable suburban markets," said McClean. "The property's strong location and diverse tenant mix made it an attractive long-term investment with value-add potential. We're pleased to have successfully arranged the sale of this asset." “Our team could not be more excited to be expanding our presence within the San Ramon retail market,” announced Don Tepman, Principal and Founder, from TownCentre Capital. “This is another perfect example of the service-oriented retail properties we focus on, and is home to several local tenants that have been community favorites for years.” JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries. For more news, videos and research resources, please visit JLL’s newsroom. Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413. About JLL For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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