Danville's Village Shopping Center has seen a change in ownership as of last month, with the property previously owned by a San Ramon company now in the hands of Danville's Blake Griggs Properties LLC after an eight-figure deal.
The transaction, which closed escrow on June 21, saw Blake Griggs buy the property at a $20.4 million pricetag from its previous owner, San Ramon's Montair Associates LLC. The sale was brokered with the firm Marcus and Millichap.
"Danville is one of the wealthiest suburbs in the United States with an average household income of over $220,000 within a 5-mile radius," said Vince Schwab, the brokerage firm's executive managing director investments.
"Given the strong submarket demographics and consistent tenant demand, this was a highly competitive sales process that led to multiple strong offers to acquire the Village Shopping Center," Schwab added.
The Village Shopping Center on Town and Country Drive near San Ramon Valley Boulevard is home to offices of local fixtures such as the Danville Area Chamber of Commerce and Discovery Counseling Center, as well as fitness, shopping and dining options.
The $20.4 million deal for the 67,192 square feet of rentable space comes out to approximately $303 per square foot, according to Marcus and Millichap's announcement.
As for the future of the property, town of Danville spokesperson Nicola Shihab said that Blake Griggs had been in touch with officials to "explore redevelopment options" for the area, but that no plans had been submitted as of Tuesday afternoon.
Blake Griggs officials had not responded to a request for comment on the acquisition as of Tuesday.