This document summarizes the Danville retail market for the 4th quarter of 2010. It reports that overall vacancy rates in Danville remained lower than surrounding areas and absorption was positive. Specifically, grocery-anchored centers remained fully occupied, while downtown vacancy held steady and retail strips saw some new tenants. Notable lease and sale transactions are listed.
4Q10 Danville Retail Commercial Real Estate Report
1. 4t
h
Qu
ar
te
Danville, California
r2
01
0
Retail Market Report
Market Snapshot
Grocery Anchored Inventory: 332,109
Grocery Anchored Availability: 12,988
Grocery Anchored Vacancy Rate: 3.91%
Retail Strip Inventory: 688,340
Retail Stripl Availability: 52,274
Retail Strip Vacancy Rate: 7.45%
Downtown Retail Inventory: 312,404
Downtown Retail Availability: 7,266
Downtown Retail Vacancy Rate: 2.33%
Danville Retail Inventory: 1,332,853
Danville Retail Availability: 72,528
“Can’t Touch This” Danville Retail Absorption:
Danville Retail Vacancy Rate:
- 1,876
5.44%
Danville Remain Unscathed Through 2010 Vacancy Rate by Product Type
Positive absorption was the trend in 2010. Downtown remained stable with a few
businesses closing their doors and new shops quickly scooping up on empty space.
Grocery anchored shopping centers remain virtually fully occupied. The big story
of the year is the success at Blackhawk Plaza, Rose Garden, and The Livery. Overall,
Danville retail vacancy rate is dramatically lower than San Ramon, Pleasanton,
Livermore, and Dublin (see graph on reverse).
Activity along Hartz Avenue brought a couple welcomed additions. That Bar opened
in November, filling the vacancy left behind by Vinoteca. Sweet Street took over
the former candy store at 301 Hartz in December. La Boulange Bakery opened on
Railroad Avenue next to Lunardi’s back in August. Other new businesses in 2010
include Dandelions, The Savvy Shopaholic, Akira Bistro, Los Ponchos, Miglet’s, and
Koko Fit club. Despite strong lease activity we did not see a substantial amount of
sales through 2010.
The Livery was able to find a flock of new tenants. The year was kicked-off by
just about every residential real estate company in town moving to the Livery. In Key Terms & Definitions
addition, Chase Bank grew into a larger space and the addition of Jules Thin Crust
Inventory: Total square footage of retail space in the market
and Stork’s Nest soaked up space. The Rose Garden is looking to continue the leasing
momentum created by The Studio taking over the large day spa space left behind by Availability: Square footage that is marketed for lease which is available within 90
Burke Williams. Blackhawk Plaza also saw an uptick with the addition of Prickly Pear days. This also includes sublease space.
Cantina in the former Coa space and the addition of retailers such as Babycoo, Pink
Absorption: The change in availability from the previous quarter.
Stripes, and My Backyard.
Vacancy: The percent of available space based on the total inventory.
Recent Transactions Grocery Anchored: Shopping centers characterized by a grocery anchor such as
Safeway, Trader Joe’s, Lucky, or Nob Hill. These centers are often more sought after
Tenant/Buyer Location Square Feet and fetch a higher lease rate.
The Studio/Club Sport The Rose Garden 17,000
Prickly Pear Cantina Blackhawk Plaza 3,700 Retail Strip Center: Shopping centers, strip retail centers, and buildings over
10,000± square feet that do not have a grocery anchor.
Koko Fit Club 499 San Ramon Valley Blvd. 1,500
Sweet Street 301 Hartz Ave. 1,200 Downtown Retail: Storefront buildings & centers located along Main Street and the
downtown core.
Triple Net Expenses (NNN): A lease agreement where the Tenant is responsible for
** - Building purchase
Lee & Associates maintains an up-to-date database of all available their proportionate share of taxes, insurance, maintenance and building repairs.
Triple Net Expenses are in addition to base rent.
properties and sold/leased properties.
For local commercial real estate news, insight, and gossip visit my blog! www.thestorefront.wordpress.com
2. 4t
h
Qu
Lee & Associates Danville Retail Market Report
ar
te
QUARTER IN REVIEW
r2
01
0
Danville Retail Vacancy and Rental Rates
Vacancy Rate vs. Average Asking Rate Tri-Valley Vacancy Report
$3.00 6.12% 6.20%
6.00%
$2.50
5.80%
$2.00
5.60%
5.44% Vacancy
$1.50 5.40%
5.21%
5.20% Average Asking Rate
$1.00 (NNN)
5.00%
$0.50
4.80%
$0.00 4.60%
2Q10 3Q10 4Q10
4th Quarter Completed Lee & Associates Deals
LEASED SOLD LEASED
6,700± Square Feet 20,000± Square Feet 1,500± Square Feet
4500 Tassajara Rd., Dublin 7099 Amador Valley Plaza Rd., Dublin 499 San Ramon Valley Blvd., Danville
Coco Cabana Restaurant & Lounge REI Coming Late 2011 Koko Fitclub
Lee & Associates - Your Commercial Real Estate Connection
Since 1979, our seasoned, motivated shareholders and professionals have been offering comprehensive quality service nationally and locally in a pro-active manner.
We develop customized solutions for all of your real estates needs through our market-to-market knowledge in all property types. Our unique business model and
extensive experience has helped us become one of the largest commercial real estate providers in the United States.
Services Offered:
Market Value Analysis Building Optimization Investment Sales
Site Search Landlord Representation Tenant Representation
RETAIL OFFICE INDUSTRIAL
Jessica is experienced in both Tenant and Landlord
representation and has been active in the Easy Bay
commercial real estate market since 2006. Prior to joining
Lee & Associates in 2009, Jessica worked for Aegis Realty
5890 Stoneridge Drive, Suite 210 Partners in Oakland. As a retail specialist, she has worked
Pleasanton, CA 94588 with a number or local restaurants, retailers, and landlords in
(925) 460-6200 sales and leasing of shopping centers and storefronts.
(925) 460-6210 Jessica Stewart For the most up to date market information follow Jessica on
www.lee-associates.com Retail Specialist her blog www.TheStrorefront.wordpress.com.
* The property information/detail contained herein has been provided by the seller/lessor or has been obtained from other sources believed to be reliable,
and Lee & Associates - East Bay, Inc. has not independently verified such information’s accuracy. Lee & Associates - East Bay, Inc. makes no representations,
guarantees, or express or implied warranties of any kind regarding the accuracy or completeness of the information provided herein nor the condition of the
property and expressly disclaims all such warranties, including but not limited to the implied warranty of suitability and fitness for a particular purpose. Buyer/
Lessee should perform its own due diligence regarding the accuracy of the information upon which buyer/lessee relies when entering into any transaction with
seller/lessor herein. Further, the information provided herein, including any sale/lease terms, are being provided subject to errors, omissions, changes of price
or conditions, prior sale or lease, and withdrawal without notice.
* CoStar sourced for portion of market data 2