Core Plus / Neighborhood Retail
Transaction Highlights
Size: 8 properties, 22,808 sq. ft.
Use: Retail
Neighborhood: Marina, SF
  • 22,808 sq. ft. (eight properties)
  • Sourced off-market through a relationship with a retail leasing broker
  • Prado was able to purchase the prime eight-building portfolio well below market value (approx. 25-30%)
  • The portfolio had been owned by a family trust for 50+ years and the properties had been mismanaged
  • Existing rents were 35% below market at the time of acquisition
  • Multiple properties had redevelopment potential
  • Prado successfully re-tenanted three of the retail spaces within the first year of ownership with high-quality and credit tenants
  • Prado secured approvals to redevelop one of the properties as a single-tenant retail building with a publicly-traded retail tenant
  • Prado signed contracts to sell two of the inferior properties at a profit and to lower the basis in the remaining properties