Primestor Development, a prominent minority-owned real estate firm headquartered in Los Angeles, has successfully acquired Hilltop Plaza, a thriving community retail center in Richmond’s East Bay area, for $36.5 million. Positioned on 59 acres at 3190-4251 Klose Way, Hilltop Plaza enjoys outstanding accessibility and visibility along Interstate 80, spanning 2,500 linear feet. Facilitated by JLL’s Geoff Tranchina, Eric Kathrein, Gleb Lvovich, and Warren McClean, the transaction marks Primestor’s entry into the Northern California market, furthering their commitment to tailored redevelopment initiatives. Alán Sneider, VP of Acquisitions at Primestor, expressed enthusiasm for the acquisition, highlighting its alignment with the firm’s community-centric approach. In a recent interview with CoreNet Global, Sneider elaborated on Primestor’s dedication to fostering equitable retail investment in underserved areas, a mission he anticipates achieving at Hilltop Plaza.
Lonnie Vidaurri, Primestor’s Chief Investment Officer, emphasized the strategic significance of Hilltop Plaza, noting its alignment with the firm’s objective of empowering communities through institutional-grade real estate management. Rhiana Lindsey, Primestor’s Director of Leasing, highlighted Hilltop Plaza’s robust 88% occupancy rate and its roster of renowned tenants such as Ross Dress for Less, City Sports Club, dd’s Discounts, and Century Theatres. Lindsey underscored the ongoing efforts to enhance the center’s appeal as a vibrant shopping and entertainment hub, with negotiations underway to introduce additional attractive offerings to the local community.
With a track record of investing over $1.0 billion in urban, mixed-use real estate, Primestor remains committed to its community-oriented business model. This model focuses on empowering underinvested minority neighborhoods through initiatives such as local job creation, sales tax generation, and infrastructure enhancements. Primestor’s enduring commitment to community engagement is evident through its collaborative partnerships with local governments, community organizations, national credit tenants, and stakeholders.
