Deerfield Realty Purchases The Mercer Retail from Prometheus
Menlo Park-based, commercial real estate firm Deerfield Realty acquired the retail portion of award-winning mixed-use development The Mercer – called The Mercer Retail -- from Prometheus Real Estate, the Bay Area’s largest private owner of multi-family properties. The Mercer Retail, located at 1615-1699 North California Boulevard in Walnut Creek is comprised of a 22,023 square foot ground floor retail condominium built below 181 luxury residential apartments and condominiums.
“The Mercer Retail sale is a great transaction for both parties,” said Cornish & Carey Commercial Newmark Knight Frank Senior Sales Associate Forrest Gherlone. “This deal allows Deerfield to grow its East Bay presence with a high-end retail asset and Prometheus to harvest capital to re-deploy in new development and investment ventures. The Mercer Retail remains in capable hands and will continue to thrive as an important retail center for downtown Walnut Creek.”
The Mercer is a unique, high-end mixed-use property situated on an attractive, hard corner location in an affluent neighborhood of downtown Walnut Creek, the central city in the 680 corridor. Luxury apartments and condos provide a built-in customer base to shop at the retail component on the ground floor. The Mercer Retail is currently 83% leased to a mix of local and regional tenants including Mike’s Bikes, Metamophosis Spa, Continuing Cosmetology Academy, Skin Spirit, Galaxy Nails and The Counter. Deerfield plans to secure tenants for the remaining three suites.
The Mercer was a finalist for the 2010 NAHB Multifamily Pillars of Industry Award in the Best Garden/Small Scale Condo Community category, received an Outstanding Award of Merit from Action for Beauty in 2009, and was named Residential Development of the Year by the East Bay Business Times in 2006.
A dominant regional real estate force since 1935, Cornish & Carey Commercial partnered in 2010 with Newmark Knight Frank, one of the largest independent real estate service firms in the world, to become Cornish & Carey Commercial Newmark Knight Frank. Regionally, more than 280 agents in 13 strategically located offices throughout Northern California create a powerful combination of people and services that uphold Cornish & Carey Commercial Newmark Knight Frank core values of integrity and knowledge. Headquartered in New York, Newmark Knight Frank and London-based partner Knight Frank operate from over 220 offices in established and emerging property markets on six continents. With a combined staff of 7,300 and revenues last year exceeding $861 million, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide. For more information, visit: www.ccareynkf.com and www.maffiateam.com.