Retail

PETALUMA, CALIF. — Brixton Capital has acquired Washington Square, a retail property in Petaluma, from El Segundo, Calif.-based Paragon Commercial Group for $67.5 million. Bryan Ley, Eric Kathrein and Warren McClean of JLL represented the seller, while Brixton was self-represented in the deal. Located at 301 S. McDowell Blvd., the eight-building property features 215,506 square feet that is more than 99 percent leased. Current tenants include Safeway, Staples, Harbor Freight Tools, Planet Fitness, Five Below and Marin Health. Originally built in 1971 and renovated in 1996, Brixton Capital plans to renovate the property with parking lot improvements, roof replacements, exterior painting, HVAC upgrades and façade enhancements. Additionally, the company plans to renovate the landscaping and update the signage to enhance curb appeal.

MONTEREY, CALIF. — Federal Realty Investment Trust has acquired Del Monte Shopping Center, a 674,000-square-foot retail development located in Monterey, for $123.5 million. Originally built in 1967 and renovated in 2007, the center is situated on 47 acres. Whole Foods Market anchors the property, which was 83 percent leased at the time of sale. Other tenants at the center include Sephora, lululemon, Pottery Barn and Anthropologie. According to Placer.ai, the development ranks among the top 5 percent of shopping centers in the United States for annual foot traffic. Federal Realty plans to implement a strategic lease-up process at the center, as well as merchandising and placemaking enhancements.