Primestor enters NorCal with downtown acquisition

Los Angeles-based development and investment firm Primestor Development has headed north for its latest acquisition.

The company completed the acquisition of the 245,921-square-foot Hilltop Plaza for $36.5 million. local mall in the East Bay town of Richmond. Hilltop Plaza is 89% leased to a variety of tenants, including Ross Dress for Less, City Sports Club, dd’s Discounts and Century Theaters, as well as QSR, daily needs and service tenants.

“We are excited to enter the Northern California market and continue to build on our momentum with another acquisition in a challenging transaction market,” said Alán Sneider, Primestor vice president of acquisitions. “Hilltop Plaza meets our criteria and goals for redeveloping centers that are responsive to the communities they serve. This is a great property that allows us to expand our portfolio.”