Future Looks Bright for Dublin, CA
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
Shops at Waterford in Dublin, CA
Loja Real Estate Fund just landed the Safeway-anchored 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.
10:34 AM on February 9th, 2010
Has the Old Spaghetti Factory expressed interest in the space, or was that totally out of left field? OSF isn’t particularly tasty. It’s cheap, which is its appeal, but not great food. It’s too bad there’s already a pizza place in the center—a BJs would rock.
10:58 AM on February 9th, 2010
Hi Anonymous – OSF is just an example of the type of restaurant that could be attracted to a large space. I’d love to see a Cheesecake Factory, but they are already in Pleasanton and Walnut Creek.
Thx, John Z.
12:29 PM on February 9th, 2010
What would be the parking situation if a large restaurant moved into that location. Would there be enough?
1:48 PM on February 9th, 2010
Hi Pat – that’s an excellent question. My hunch is that parking would be at a premium. If memory serves, I believe that Waterford is currently over-parked based on the current use. However, if the Blockbuster pad were converted from retail to dining, then Waterford may become under-parked until/unless the Planning Commission grants a CUP.
Thx, John Z.
4:53 PM on February 9th, 2010
Restaurant space usually take 1/100SF while typical retail space would be about 1/200SF,depending on the local jurisdiction. I bet there should be enough surplus parking spaces when this mall was built to allow enough flexibility. I think BJ would come to this small neighorhood center. Usually they prefer a power center like Hacienda Crossing with multiple anchors. I would think Pasta Pomodoro would be a good candidate. They are recently acquired by a couple of investors, so may be ready to expand. They have a decent menu and price. It should be a better bet in this economy.
8:59 PM on February 9th, 2010
How about Sweet Tomato? It is about the right size for that kind of store.
11:03 AM on February 10th, 2010
I agree that either Sweet Tomato or Souplantation would be a good candidate. At least it will overlap with the existing Tomatina.
3:52 PM on February 9th, 2010
Totally unrelated note: I don’t understand why the driveway to the south of Blockbuster is an entrance and not an exit. It’s a poorly designed parking lot and hard to get out of with so much traffic at the main entrances/exits.
4:04 PM on February 9th, 2010
I aggree.
9:37 PM on February 9th, 2010
On a somewhat related note, has anyone else noticed the signs at the parking spaces on the lot next to Togo and the orthodontic office..something about additional parking in the parking garage?
Are they referring to the apartment complex? This has always puzzled me…
4:52 PM on February 9th, 2010
I agree and stop being a girly boy:)..j/k…it is a mess
9:08 PM on February 9th, 2010
I agree—they should widen that to be an entrance-exit. That would alleviate the horrible entrance jam there on Dublin Blvd..
2:43 PM on February 10th, 2010
There is add’l parking in the garage next to Blush.
6:49 PM on February 10th, 2010
Speaking of blush, their current mango and chocolate flavors are so good.
It may be a long shot, but I would love to see a pf chang or chessecake factory take over the space.
11:02 PM on February 10th, 2010
Would love to see a Maggiano’s in that space… at least a scaled down smaller version. I hate having to drive all the way down to Santana Row.
7:48 PM on February 18th, 2010
Buca di Beppo!!!!
12:59 PM on March 24th, 2010
How about something from the “Outback chain”, namely Fishbone or with the Asian influence Gyu-Kaku restaurant which is a fabulous Japanese BBQ restaurant? http://www.gyu-kaku.com/