The 24,160-square-foot building housing the Hollister Goodwill and Hi-Outlet stores at 550 Tres Pinos Road was among the retail properties recently purchased in California and Oregon by Berkeley-based real estate firm Read Investments.
The company spent approximately $30 million on the various properties, which include centers in Grass Valley, Berkeley and Klamath Falls, Ore.
“The purchase includes the site and the building,” said Ron Heckmann, a spokesman for Read Investments (RI). “Goodwill doesn’t own that property.”
Morgan Read, the investment company’s director of real estate, said Goodwill and the Hi Outlet are sub-tenants in the property that was acquired.
“RI purchased the property because it became available off-market from a motivated seller, and we saw it as a great fit with our strategy of buying underperforming retail assets and taking an active, yet patient approach to reposition the property for sustained success,” Read said. “There is significant retail-tenant interest in the Hollister market, and in this property in particular. RI is expanding its investments throughout Western markets, and we would love to acquire more property in San Benito County that fits our investment criteria.”
The company’s website says its portfolio consists of retail assets “acquired to meet the needs of its retail affiliate, Grocery Outlet Inc.”
The company, which acquires retail and other commercial real-estate assets, has indicated that it has no specific plans for a new tenant at the moment.
