The recent spate of good news related to development and local employers has given residents of Dublin, CA, some reasons to be hopeful about the viability of the Eastern Dublin Specific Plan. Loja Real Estate Fund, a private equity group based in Walnut Creek, CA, recently acquired The Shops at Waterford. Sybase just posted their best financial quarter in the company’s history. Large investors looking for good deals from financially distressed local developers are snapping up land at fire-sale prices.

The Shops at Waterford Gets a New Owner

The Shops at Waterford in Dublin, CA

Loja Real Estate Fund just landed the Safeway-anchored The Shops at Waterford for a cool $44M. “We are delighted that The Shops at Waterford is the first acquisition for the fund,” said Tom Engberg, CEO of Loja Real Estate, in a statement. “This property is exemplary of the type of property we will seek to acquire in similar markets in the West.” Now that Blockbuster has moved out and Stacey’s is empty, Loja may be planning to relocate the nail salon to another part of the plaza. The nail salon’s relocation would give Loja Real Estate Fund the opportunity to knock down the walls that separate Stacey’s, Blockbuster, and the nail salon to create one large space that could attract well-established restaurants like The Old Spaghetti Factory.

The new tenant will have the benefit of a newer and wildly popular shopping plaza without the prohibitively high impact and water & sewer hookup fees. The arrival of a name restaurant will be a tremendous win for the area. Dublin will be able to fill a prime retail location and spark demand for the vacant spaces at Grafton Station.

Sybase Profit Soars to New Height

Sybase Headquarters in Dublin, CA

Sybase, the enterprise and mobile software juggernaut based in Dublin, CA, just posted the best financial quarter in the company’s legendary history.  “2009 marked a year of major accomplishments for Sybase as we strengthened our leadership position in enterprise computing. We secured key mobility partnerships with SAP, Verizon, Samsung, and IBM and delivered innovative products in analytics, enterprise mobility, and mobile commerce,” noted John Chen, Chairman, CEO, and President of Sybase. Sybase’s continued success is great news for Dublin in terms of jobs and future office expansion possibilities in the surrounding area.

Well-capitalized Investors See Deals in Dublin, CA

KB Homes and D.R. Horton recently purchased portions of the Positano project from local builder Braddock & Logan at fire-sale prices. Other local developers like Charter Properties are most likely looking to sell their undeveloped parcels to well-financed investment firms. In November 2009, Essex Property Trust, Inc. acquired a 3.6 acre site in Dublin, CA, for $5.0 million. The land parcel is located adjacent to the West Dublin Bay Area Rapid Transit (“BART”) station. This parcel was previously sold for approximately $17.4 million to a third-party, and Essex was able to buy it at a huge discount from a commercial bank that acquired the land parcel via foreclosure. Essex intends to pursue entitlements on this land parcel for future development. With land selling for pennies on the dollar compared to a few years ago, project costs will decrease, and banks will be more likely to finance shovel-ready projects like the Promenade at Dublin Ranch.

Dublin residents have reasons to be excited. The national economy continues to show signs of improvement; investors see development opportunities in Dublin; and local employers like Sybase are stronger than ever.