Thursday, July 21, 2005

High-traffic flow may be plus for Geri-Towne sale

By Matthew Bunk

FAIRFIELD - A large shopping center on Oliver Road is up for sale, even as new buildings are being constructed nearby.

The owner of Geri-Towne retail center on Wednesday announced plans to sell the property for $16 million. Marcus & Millichap Real Estate Investment Brokerage has owned the shopping center since 2003.

"We believe the market conditions are ripe to find an investor to take the property to the next level," Marcus and Millichap representative Jerry Wise said. "We're looking for somebody to invest in future upgrades for the property."

Constructed in 1978, Geri-Towne is located at 3001 Travis Blvd., adjacent to Interstate 80 and across the freeway from Westfield Shoppingtown Solano mall. Raley's supermarket anchors the 83,000-square-foot shopping center on 7.5 acres of land. Other tenants include Subway, H&R Block and Vitamin Adventure.

Construction has started nearby on buildings that will house Mel's Diner, a Jiffy Lube service station and Patelco Bank.

Marcus & Millichap also owns the land where those new businesses are being built. Those lots, too, are up for sale, but aren't included in the asking price for Geri-Towne, according to a statement from the company.

Because most land nearby has already been developed, Wise said Geri-Towne's most attractive quality might be its location. The daily traffic count for the area is more than 190,000 vehicles, the company said.

"This is a true repositioning opportunity for a property located at what might be the best intersection in the best part of Fairfield," Wise said. "There is little competition and virtually no developable land in this affluent part of the city."

City economic development officials didn't return phone calls Wednesday.

Founded in 1971, Marcus & Millichap is represented by more than 900 investment professionals nationwide. The Geri-Towne sale is being handled out of its Los Angeles office.

Reach Matthew Bunk at

425-4646 Ext. 267 or

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