A Midwest retirement fund has purchased the Hamilton Landing shopping center in Novato from the company that developed the 90,679-square-foot center 13 years ago.
IPERS Hamilton Marketplace Inc., affiliated with Iowa Public Employees’ Retirement System and Deutsche Bank, bought the property at 5800 Nave Drive on Aug. 18 from Hamilton Marketplace LLC, which is tied to Grosvenor Americas, according to public records and Grosvenor. The recorded value on the transaction works out to $67.25 million, according to county records, or $740 a square foot.
“This sale provides us the opportunity to reallocate capital and expand our placemaking through reinvestment in the San Francisco Bay Area,” said Mark Purdy, senior vice president for investment, in Grosvenor’s announcement.
The shopping center was fully leased at the time of the sale, the developer said. The anchor tenant is Safeway, which relocated its Novato store from Pacheco Plaza to the 55,000-square-foot space when the $18 million project was completed in 2008, the Business Journal reported at the time.
Other tenants include Pet Food Express, Super Duper, Peet’s Coffee, Wells Fargo, Toast Restaurant and Cycle Bar.
Started in 1953, IPERS is Iowa’s largest public retirement system, with 375,000 members and an investment portfolio of $42.85 billion as of June 30, according to its reports. Private real assets in U.S. commercial real estate, timberland and farmland make up 7.5% of the investment mix. That asset class achieved weighted net returns of 11% in the latest quarter, second only to 13.4% for private equity.
Grosvenor Americas is the 69-year-old North American arm of the global real estate investment Grosvenor Group, whose roots go back to 1677. As of the end of last year, Grosvenor Americas had $3.6 billion in assets under management, and the global group, $15.2 billion.
Nicholas Bicardo of Newmark Retail Capital Markets represented Grosvenor in the transaction.
Jeff Quackenbush covers wine, construction and real estate. Before the Business Journal, he wrote for Bay City News Service in San Francisco. He has a degree from Walla Walla University. Reach him at jquackenbush@busjrnl.com or 707-521-4256.
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