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North Bay Business Journal

Monday, March 25, 2013, 6:55 am

Commercial Real Estate: Theaters-anchored Napa center to add buildings

Also: San Rafael apartments sell for $2M gain

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    Jeff Quackenbush, Business Journal Staff ReporterAfter the November opening of the 12-screen movie complex at the 163,000-square-foot South Napa Century Center, the 15-acre project has set the construction premiere of one to three more retail buildings this summer.

    Project owner Gasser South, LLC, managed by the Napa-based Peter A. and Vernice H. Gasser Foundation, is reviewing plans to submit to the city of Napa to build a 9,000-square-foot, single-story retail building just south of the Century Theaters building, according to Deborah Perry and Bill Kampton, the Colliers International team marketing the project.

    One to three buildings could be under construction at South Napa Century Center this summer. (image credit: Shopworks LLC)

    Enough leases are close to being signed that the next building could move forward. Two buildings with 12,000 and 6,000 square feet at the corner of Imola Avenue and Gasser Drive also could be built this summer, based on leases in advanced negotiations, the agents said.

    “A lot of (letters of intent to lease) we’re holding because we want to keep an interesting local flair and not just tenants one would typically find in a local shopping center,” Ms. Perry said. “We do not want to do  chains.”

    Serious prospects include an upscale diner, Bay Area pizza restauranteur, wine bar, bike shop and a hair salon and school.

    Also planned for the property are 34,000 square feet of retail space in three more buildings. Set to be built just west of the property are a health club and a 115-room hotel Hampton Inn & Suites hotel. Gasser has a lease pending for the fitness center, and South Carolina-based OTO Development has a purchase agreement for the hotel site.

    ***

    A year and a half after an affiliate of San Francisco-based Pacific Urban Residential Properties, or PUR (purapts.com), purchased The Colonial Apartments, a 30-unit San Rafael complex, the San Francisco-based value-add investor of West Coast multifamily properties sold it for $6.9 million, or $230,000 a unit.

    “The buyer rolled up its sleeves and massaged things that reduced expenses and increased income,” said Vince Schwab, who represented the seller with Erich Reichenbach also of Marcus & Millichap.

    A big chunk of the savings came from retiring a long-term cable television contract for the complex, not an easy thing to do, according to the agents. PUR used its clout with the cable provider in working with a number of Bay Area units and complexes.

    As a result, the 52-year-old complex on just more than an acre of ground at 155 Nova Albion Way sold in early March for nearly $2 million more than the previous sale and closed within three months of coming on the market. Twenty of the two-bedroom units are townhouses.

    The buyer was Car Town Santa Clara, LLC, led by a Palo Alto private investor, represented by Michael Henshaw and Steve Souter also of Marcus & Millichap.

    Submit items for this column to Business Journal Staff Writer Jeff Quackenbush, jquackenbush@busjrnl.com, 707-521-4256.

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