Core Bay Area Infill Opportunity

Popup – Retailer – Pvolve Expansion

Popup – Done Deal – Raising Cane’s Lease – Crossroads West, Riverbank

Popup – Listing – 3251 Jacuzzi St – Video Tour

Popup – Press – SF Biz Times Article March 2024

Popup – Listing – Vacaville, I-80 & Leisure Town Rd – for Lease

Popup – Announcement – JCA Our Office Has Moved DRAFT

Popup – Done Deal – Dollar Tree – Marlow Rd, Santa Rosa – Lease

Dollar Tree – Marlow, Santa Rosa – Lease

Seize the Day

Over decades in the CRE industry, our team has completed hundreds, or perhaps thousands, of multi-market site tours with grocers, fuel brands, restaurants, pharmacies, home improvement and fitness brands, coffee and burger and chicken concepts, and many, many other users of quality real estate. Over that time, my appreciation for the art of the real estate tour has grown ever deeper. I’ve learned that in order to have real value, the successful real estate site tour always needs to be two things:  the journey has to be horizontal, from site to site or city to city; and also vertical, from one idea to the next.

That travel time with the client is a precious one-on-one window to discuss who their customer is, how they evaluate their real estate, how the brand is executing, growing and changing, what market pressures are helping or hindering their growth – capital markets, competitors, stock price, housing starts, unemployment data, etc. etc.

As the pro who is conducting the tour, you ask these questions, absorb the client’s answers, and create advice that reconciles the client’s needs to the marketplace where you are the expert. Your advice is the synthesis of the horizontal and vertical journeys. Sometimes, as the repartee unfolds in the car as we move from site to site, my questions receive a detailed and lengthy response. But other questions are met with a long silence and a thoughtful gaze out the window. The silence and mystery of the client’s non-answer descend on me like a benediction. Have we struck gold? Have we discovered a new way to capture the customer or frame the real estate deal that they haven’t previously considered? A good conversation about real estate sets the gears in the client’s brain turning, sharpening the focus on how we will execute real estate in this particular market. Like a talented actor who can inhabit the role of his character, the best broker learns the mind of the client, and makes it his own.

Our day long discussion is filled with questions, observations, coffee breaks, answers and non-answers. By the end of a successful tour, we’ve exchanged a great deal of information. Sometimes, the tour feels like a tiny, double espresso version of a trip to the therapist. We both complete the journey with new perspectives, with many questions answered, and a sense of direction about our efforts, both individual and collective.

The successful real estate site tour is less, far less, about sites, rents and terms, and much more about creating a partnership, a bond of understanding, that will inform all of the subsequent energy that we put into positioning the brand to thrive.

Invariably, I return home from the site tour exhausted – mentally exhausted. Imagine if you can, driving 200 miles in a day and visiting eight or ten locations, while conducting a thorough, day-long investigation into your client’s vision, needs, challenges and dreams. Simultaneously, you are navigating traffic, organizing lunch, dinner and coffee breaks, meeting with owners and brokers, answering questions from one or more clients sharing the journey, all sandwiched between a very early and a very late trip to the airport. I am wrung out, yet deeply satisfied when the journey is complete and the mission accomplished.

In some ways, ours is a young person’s business. The site tours can be taxing to the extreme. And, guess what? There’s no guarantee that any of the sites reviewed will result in signed leases or closed escrows. The prospect of a day spent fruitlessly can be daunting. Yet only with age and experience can we give the client everything that they need and deserve from a visit to our market. As a young man, I would simply jump in the car and drive. As an older man, I consider the journey carefully. Now, only when I am ready to go forth and conquer, like the ancient Romans who proclaimed “Carpe Diem!” do I embark. And we seize the day.

Popup Blog Post: Seize the Day

The Consumer Has Cash

The U.S. unemployment rate is now experiencing its 8th consecutive quarter below 4%, with national unemployment clocking in at 3.9% as Q4 of 2023 begins. Historically speaking, a phenomenon like this occurs about twice every century. Practically speaking, this means that the U.S. consumer has cash.

Much attention has been focused on inflation and the Fed’s policy of interest rate increases over the past year. Generationally high inflation has not simply triggered an increase in the cost of borrowing money, but also brought about soaring construction and materials costs, labor costs and other related costs of doing business in the commercial real estate industry. Collectively, these frictions in the marketplace conspired throughout Q2 and Q3 to slow or stall numerous commercial real estate transactions in markets across the U.S. For better or for worse, these challenging dynamics are the ones that have captured headlines for over a year.

But in spite of the various headwinds the market has encountered throughout 2023, an economy near full employment has proven to be a powerful tonic that neither inflation nor climbing interest rates could dampen. A multi-year period of sub 4% unemployment has not occurred in the U.S. since 1966-1969 (See Chart). This is truly historic data, and an under-reported, poorly understood economic jolt that continues to propel the U.S. economy, even as the Fed has labored to slow it down.

The consecutive challenges of the COVID pandemic and the subsequent spike in interest rates that aimed to combat inflation, greatly reduced the pipeline of new commercial real estate developments in recent years, even in the services arena of retail shopping and dining. Despite the shrunken pipeline of new inventory, the sales increases of essential brands in the quick service (QSR) and fast casual restaurant space, warehouse clubs, grocers, and fuel/C-stores continue to out-perform users across virtually every sector of the commercial real estate industry. Increasing average unit volumes (AUVs) by drive-thru and fast casual users, strongly supplemented by increasing adaptation of online ordering that was learned during the pandemic, have users that sell everything from coffee to chicken to burgers to fuel all scrambling to add unit count.

Consequently, a collision is now taking place in markets nationally in which expanding brands with great credit and a big appetite to meet consumer demand are in heated competition for a limited supply of new retail inventory that is only slowly making its way through the development/entitlement pipeline. This dynamic is presently on full display in the Northern California market, where our firm is bringing multiple new projects to market and consistently encountering multiple offers and overbids on rent for new high quality retail projects. On a single proposed new development that our team is currently pre-leasing, we recently received offers from five national coffee brands alone. Brands like these are flush with business because the U.S. consumer if flush with cash, triggering a fist fight for new, high-quality real estate opportunities as they come to market.

The fully employed U.S. employment market is the engine driving strong sales in the essential retail & dining space, even as other CRE segments, notably office buildings, struggle to reconcile the paradigm shift to work-from-home.

During the early and middle parts of 2023, the factor that was more impactful than the rising costs of doing business, was the uncertainty around how much higher the Fed would have to push interest rates to tame inflation. This uncertainty pushed many would-be users to the sidelines, pausing growth to wait out the impacts of increasing capital market pressure on their businesses.

But the recent flattening of interest rates and cooling of inflation have brightened the market outlook in Q4, removing uncertainty about what’s next, thus enabling those users that had hit the pause button to re-engage in lease and purchase transactions. Consequently, the playing field has quickly become crowded with high-credit retail and dining brands, creating an opportunity for landlords to craft favorable real estate deals that will pay dividends for years to come.

Industry watchers have observed for the past few years that the COVID pandemic and its aftermath would create an overhauled lineup of winners and losers in the US economy. As 2023 comes to a close, the vastly different fortunes in the retail and office segments of the commercial real estate industry provide a vivid illustration of how that transformation has played out.

Xfinity – Lease – MSP

Burlington Lease – Cochrane Commons

Verizon Lease – MSP

Popup – Listing – Suisun Valley Place

Popup – Listing – Main Street Plaza

Lucid Motors

El Pollo Loco – Los Banos

Mothers Tacos

Ronbow Lease – 1556 Mt Diablo Blvd

The New Catalysts

Each era in retail real estate has its own cohort of catalytic anchor tenants and users around which new projects revolve.  I’m old enough to recall the then still-growing regional mall sector of the 1980’s, and the department store anchors who then ruled in retail.  Times change.

Interior facing regional malls gave way to exterior facing power centers, with anchors like Target and Home Depot, and the junior boxes and out-parcel users that populated those projects.  The subsequent rise of e-commerce dented the business model for numerous brands in categories like consumer electronics, office products, discount apparel and sporting goods, stunting growth in the power center category, but also opening new opportunities for retail development.

New development in the post-Covid era has come to be defined by an inchoate mix of catalytic anchors that no longer rely on department stores, and only selectively upon brands like Walmart, Target and Lowes, whose years of galloping expansion have been significantly curtailed.  Today, brands from Tractor Supply to Grocery Outlet, power drive-thrus like Chick-fil-A, In-N-Out Burger and Dutch Bros, quasi-retail uses like truck stops and self-storage, and hospitality brands in the Marriott, Hilton, Wyndham and Hyatt portfolios all compete for high quality retail real estate in markets nationally.

As the mix of active, well-funded catalyst users continues to evolve, the retail real estate market has also become increasingly segmented both along both economic and ethnic lines.  Evidenced by the continued growth of extreme value brands like Dollar General, Dollar Tree, Grocery Outlet, dd’s Discounts and Ross, as well as specialty grocers such as Tokyo Central, Vallarta, El Super, 99 Ranch Markets and Cardenas; many brands are choosing to dive deep into targeted demographic silos, rather than spreading a more generalized offering broadly across multiple demographic audiences.

While the power center era is not over, new projects in this space have become far fewer in number, built around select users such as Costco and Sam’s Club (see example), and the shortened list of junior and out-parcel users that have best navigated the storms of e-commerce and Covid, including Burlington, Home Goods, Boot Barn and Five Below, and quick-service restaurants (QSRs) such as Panda Express, Panera Bread, The Habit and Chipotle.

Just as notable as today’s catalyst growth brands are users whose growth has faded post-Covid.  Most notable on this list is Amazon whose swing and miss at a grocery store roll-out continues to baffle landlords, investors and industry watchers.  Perhaps more impactful to retail development has been the cessation of growth by the entire pharmacy industry.  CVS, Walgreens and Rite Aid were growth stalwarts that co-anchored retail centers for decades, yet they have become far more active in the real estate disposition business than in adding net store count.  With tens of thousands of stores nationally, changes to the pharmacy industry through acquisitions (CVS and Target) and insurance industry changes, have effectively shut down new growth for a retail sector that was formerly a key puzzle piece to new projects.

Mega stores like Bass Pro Shops, Scheels and Cabela’s have likewise backed off of growth, raising questions about the ability of these categories to re-start growth in the future. The growth of traditional auto dealerships has stalled, as consumers embrace the shift to EV brands like Tesla, Rivian, Polestar and Lucid.  Still other small concepts that expanded heavily in recent years but then reconsidered include poke shops, boutique fitness concepts, mattress stores and yoga studios.

While change in the retail landscape is a constant, both the frantic pace of change through the tumultuous Covid and post-Covid era, and the dizzying array of user categories that are in competition for quality retail real estate today have added a chaotic dimension to marketplaces nationally.  Or to put it a different way, the new normal of projects developed around power drive-thrus, self-storage, EV dealers, truck stops and ethnic grocers, is not very normal.

Costco – Lease – Crossroads West, Riverbank

Popup – Listing – Fairview at Northgate, Vallejo

Popup – Listing – Crossroads West, Riverbank

Ceres Crossings

Bad Walters – College Ave – lease

Popup – Listing – 9 Anchor Drive, Emeryville

Raising Cane’s – Ceres Sale

Kitava Kitchen

Pvolve

Rheem Valley Shopping Center

Client Spotlight

Uncertainty or Opportunity?

As the sun begins to set on the withered stalk of another eventful year in commercial real estate, uncertainty prevails in Q4 of 2022 as forecasters ponder the direction that markets will take in 2023.

Throughout 2021 and the first half of 2022, the same industry voices which had grown dormant through a trying pandemic, rent the air with cheers when a post-Covid recovery brought users off the sidelines.  The recovery that began to blossom in early-2021 produced an exceptional 18-month run, fueled in part by historically low interest rates, PPP and other government largesse.

Yet a more sobering sentiment has taken hold in late 2022 due to a once-in-a-generation escalation of inflation rates, completely alien to half of today’s market participants.  Commercial real estate markets today find themselves caught in a negative loop of rising inflation, rising interest rates, rising construction costs and an ever-shrinking pool of large format retail tenants with strong credit that are seeking to grow.  Several of the key catalysts to new retail growth appear to be missing.

Amazon appeared, briefly, to be stepping into this void.  But headwinds encountered by the e-commerce giant in the brutally competitive world of grocery retailing have hastened a re-thinking, or perhaps a retreat, from this proposed store roll-out.  Largely due to Amazon’s emergence in the grocery space, and much more importantly from a CRE perspective, the news of the announced consolidation of the Kroger and Albertsons real estate fleets represents a gigantic shift in the national retail real estate landscape. If approved, the merged behemoth will be far better positioned to compete with both the largest bricks and mortar grocer/retailer in the world, Wal Mart, and the largest E-commerce retailer in the world, Amazon.

The inevitable shedding of real estate that the Federal Trade Commission will stipulate for the Kroger merger/acquisition will present an unscripted and welcome boost to retail commercial real estate markets.  The opportunity for users, investors and developers to acquire proven real estate in core markets will generate interest from all quarters, especially since the disposition of redundant real estate will be a condition of FTC approval, at whatever price the market will bear. Investors of every stripe – parsimonious, acrimonious and sanctimonious will each have a shot at what will be, at least in part, a lot of great retail real estate.  All by itself, a national Kroger/Albertsons disposition program would represent a boomlet of development, leasing and job creation in numerous markets.  Man proposes and the FTC disposes.

Mid-term elections have the chance to swing both houses of the federal government into Republican control, which historically speaking would suggest a business-friendly climate and the de-emphasis of utopian progressive spending, such as the threat to saddle the US taxpayer with billions in expunged student debt obligations.  More importantly, with an economy at near full employment, the consumer today is in a strong cash position.  Strong employment and cash are proxies for economic expansion, both of which will work to counter inflation’s impacts.  And any decision by the Federal Reserve to stop, or ultimately reverse interest rate increases will encourage growth to find its footing again.  With America at a very high level of employment, consumers in a strong cash position, a shift to a more pro-business Congress appearing realistic and tapering interest rate increases, a 2023 recession is no foregone conclusion.

Our current outlook suggests that the US voter, as well as governmental agencies including the Federal Reserve and Federal Trade Commission, will each play an outsized role in determining how real estate markets will take shape in 2023. And a US economy that is still finding its post-COVID footing will present numerous, if not widespread, opportunities for growth.

Raising Cane’s – Ceres Lease

1613 N Main Street, WC – Sale

Sprouts / Fitness 19

Goodyear Rocklin

My Salon Suite

Rotten Robbie – Dixon, CA

Water Grill

Aspen Dental

I Remember

In the early days, I would take a listing on a retail center with one or two 1,200 SF vacancies, hoping to get leases signed at $1.00/SF per month with a Subway or Supercuts franchisee. That would result in a leasing commission of $6,000, which would be split 50/50 with the outside broker, then 50/50 with the house, leaving me with two $750 commission checks…before taxes.

I remember…leases with a pizza restaurant, a sandwich shop, an appliance store, auto parts stores, Chinese restaurants, book stores, skate shops, a chiropractor. The vast majority of the people I did business with back then were small businessmen. Both the landlords and the tenants. I quickly came to learn that they all had an interesting story. Either they had started with one restaurant or store, and eventually grown it into a small “chain” of three or five locations. Or, they had saved and borrowed enough money to buy their first rental property, and now had three, or five…or ten. I learned to always ask them to tell me their story. They all had such interesting stories about how they had done it.

I soon realized that my nascent career in commercial real estate gave me the opportunity to drink deeply the waters of enterprising small businessmen; people who bet on themselves, each finding their own paths to success.

So long ago. Reagan was in the White House and Johnny Carson still ruled late night television. But I never watched television. I came in early, I worked late, I worked on Saturdays, and went into the office for an hour on Sunday after church. I was young and poor, but rich in energy and the fear of failure, and that fueled me to build the small steps to my own success.

It all distilled. Pitching new listings. Cold calls. Succeeding and failing. Learning how owners and users made decisions. Helping businesses grow. Learning how the lender, the real estate attorney, the contractor, the city official and the other members of the cast with whom I now shared a stage all fit together.

In those days most of the young real estate brokers that I knew aspired to become real estate developers. Developers were the builders, the decision makers and the catalysts who first envisioned and then built the shopping centers that made the industry grow larger, better and ever-new. In the pre-personal computer, pre-email, pre-internet era in which I began, the retail industries’ growth was built upon wave after wave of big box retailer roll outs. Daring and successful real estate developers in my world were mavericks, cowboys and bad asses. Prior to the great consolidation of portfolios by NYSE REITs and other Wall Street backed investment funds, real estate developers built impressive regional portfolios based on key anchor-tenant relationships and deep roots in local markets. They were rarely the highly educated types – more frequently savvy risk evaluators with equal parts charisma, capital and smarts.

But I was more interested in building a brokerage company. My own. When I started interning at Coldwell Banker (now CBRE) in the early 1980s, I learned that its founder Colbert Coldwell was a graduate of the University of California, Berkeley. I then learned that Dean Witter, another iconic brokerage builder, was a Cal grad as well. My own Cal provenance helped to focus a young mind searching for a career path to ponder the example of men like these. Building a respected brokerage company struck me as noble goal, worthy of my best efforts and just possibly within my grasp.

Little did I realize how all of those small-fry real estate investors, retailers and restaurateurs who were telling me their stories about betting on themselves, and succeeding, had crystalized the vision in my mind, that I could do something similar, in my real estate brokerage space. I talked to a client, who introduced me to a banker, who gave me a line of credit to start my business. It turned out that someone else was willing to place a bet on me too. I opened for business on my birthday, May 20, as the new century began.

And the business became successful beyond my imaginings. I don’t mean financially. I mean that I learned what we were capable of when competing against, not working for, the best in the business. And after a year or two, I realized how this was the last job I would ever have.

My story in not unique. I just did what my parents had always preached. Work hard. Always try to exceed expectations. Surround yourself with people who are better than you.

In today’s pandemic recovery, we’ve consummated a sizable share of the business defining the next chapter in retail real estate. With Amazon. With Costco. With Crate & Barrel and Raising Cane’s and Lucid Motors and CVS and Dutch Bros and with many others. I’m in the fourth decade of learning my craft and I’m rich in relationships, in clients who became friends, in wisdom to share and stories to tell.

Looking back, there were good times and there were hard times, but there were really never any bad times. Perhaps I’ve turned into one of those people I met so many years ago who has an interesting story to tell.

A long way from hustling for those $750 checks.

Recession or Re-Set?

Recently the Wall Street Journal published an article observing that if the US economy is in a recession, “it’s a very strange one” (July 4, 2022). Every recession over the past 80 years has been characterized by two consistent factors: increased unemployment and a contraction of the economy. Yet despite a recent reduction in the size of the economy, employment continues to expand, nearing 97% nationally. In today’s US economy, virtually everyone who wants a job has one.

Against this backdrop, firms like our commercial real estate practice truly find ourselves busier than ever before, as all those businesses that moved to the sidelines during the pandemic have come charging back onto the field, aided by scores of new businesses including EV companies such as Lucid and Rivian, retail healthcare brands like Carbon Health and One Medical, and booming QSR brands whose sales have shattered previous highs. Add to these users the residential and mixed-use developers who are crowding the playing field by densifying suburban markets, cramming projects ever closer to dining, transit, shopping and services.

As I take a daily poll of peer brokerage firms and our investor/developer/owner clients, as well as the user-brands that we help to grow, they all chorus in unison about persistent demand for growth that is primarily constrained by supply chain delays. While the rising construction & fuel costs that have been accurately and well-chronicled are certainly having their impacts too, user demand stubbornly persists. Simultaneously, consumers have increasingly encountered the staffing shortages that have suddenly caused cafes, restaurants and other labor dependent businesses to reduce hours, and caused airlines to slash flights by the thousands, among other retail staffing impacts. Staffing shortages and near-full employment levels are not signals of an economy in recession.

No, I will not label the unevenness that the economy is experiencing as a recession. Rather I would posit that the twin phenomenon of swelling employment and a contraction in spending are simply the logical results of an economy in which multiple artificial props that have served their purposes have recently been removed. The foundering US economy of 2020-2021 was defined by two unprecedented interventions – the PPP loan/forgiveness program (free money), and near zero interest rates (almost free money). Additionally, the government’s direct stimulus payments (free money) and the extension of unemployment benefits (free money) further buoyed the economy. How couldn’t they?

As this unprecedented level of government largesse has recently wound down, what we now find is not a US economy in recession, but rather an economy that is right-sizing to a normal, healthy and non-artificially inflated size. It would be no more accurate to describe the present right-sizing of the economy as a “recession” than it would have been to describe the artificially curated pandemic recovery that preceded it as “organic” growth. Our capitalistic system absorbs positive and negative economic impacts alike, and is continuously righted by the self-correcting gyroscope of free markets.

Government interventions like PPP and generationally-low interest rates were never intended to be permanent. Only those who might have assumed the artificial economy of 2020-2021 to be a “new normal” could characterize the US economy’s 2022 right-sizing as a recession.

Amy’s Drive Thru

Retail-politik

Observers of world affairs are familiar with realpolitik – the term used to describe a system of principles based on practical rather than ideological considerations.  Radical changes in the US economy throughout the COVID pandemic provided a vivid illustration of what occurs in business when practical considerations overwhelm ideology.

In San Francisco, politicians have long grown accustomed to imposing legislation, ordinances and other diktats on operators of retail and dining establishments designed to siphon off revenues, in exchange for the privilege of doing business in the glamorous city by the bay.  To fund its progressive vision, San Francisco has long been at the forefront of the nation’s costliest minimum wage & health care requirements on retail establishments.

More recently, San Francisco legislated an anti-chain store ordinance, designed to restrict the most proven and profitable providers of wages, jobs and tax receipts from entering the city limits.  Practically speaking, the Formula-Retail ordinance as it is known, would have been better fashioned as the Vacancy-Creation ordinance.  When subsequently confronted with mounting retail vacancies, San Francisco’s policy-makers observed the vacancy mess that they had indisputably helped to create, and then loftily imposed a punishing vacancy tax on their aggrieved landlords of retail spaces.  The Board of Supervisors advised the public that the vacancy issue was the result of what the Board described as “bad actor” landlords.  Really?  Apparently, accountability is not an ideological consideration employed by San Francisco’s policy makers as they sought to reconcile the shambles they had made of their once glittering retail landscape.

A useful data point as one considers just how outrageously politicized the environment is in San Francisco, was the successful petition to place an insulting Proposition on a 2008 ballot, renaming a water pollution control facility as the George W. Bush Sewage Plant.  While the denigrating measure did not pass, though collecting over 30% of the popular vote, it exposed a sickness in San Francisco.  One-party rule is a dangerous thing, no matter whose politics are involved.  As Mark Twain observed, “To lodge all power in one party and keep it there is to insure bad government and the sure and gradual deterioration of the public morals.”  Yet cheap-shot ballot measures, while offensive, are not the worst reflection of contemporary San Francisco.

Clearly the breaking point for several retailers was the city’s latest affront to the business community, its determination to stop prosecuting theft.  San Francisco’s Prop 47 reduced felony theft and drug possession charges to misdemeanors.  Clearly, the bad guys got the news.  A Union Square and Embarcadero Center awash in historic vacancy tells the story better than any blog post or editorial.

Finally, retailers have had enough and are leaving.  Both CVS and Walgreens have announced widespread closures in San Francisco.  Think about that.  The biggest national winners in retail through the COVID pandemic have been essential retailers.  CVS and Walgreens sell everything from prescription medicines to milk to diapers to cleaning supplies.  They are as essential as it gets.  It would be hard NOT to be successful in a densely populated and historically high-barriers to entry market, during a pandemic when you are selling essential goods to a captive audience.

For major retailers like these, well trained in brass knuckles real estate negotiations with far more savvy counterparties in thousands of other municipalities, the practical costs of doing business in San Francisco have finally swamped the benefits of indulging the city’s crippling ideologies.  These national chains, like all businesses, are acting according to their self-interests based on realities in the marketplace.  They have determined that they are better served paying wages, paying taxes, paying rent and providing their truly essential services somewhere else.  Big Retail is answering the punitive, arrogant and woke ideology of its host city with decisive and unmistakable action.  Big Retail is leaving San Francisco.  The exit of these chains leaves a gaping hole in the menu of critical services being offered to San Francisco’s residents, especially in the retail pharmaceutical space.  The exit of critical retail service providers is a lesson in Retail-politik that every heavy-handed city and state government should soberly reflect upon.

Viral videos amass weekly of looters running rampant through the stores, and then brazenly fencing their stolen loot on the sidewalk outside the store, knowing that in San Francisco, they will not be prosecuted. Yet the decision to stop prosecuting crime, while sensational, is not the only reason that best-in-class retailers are leaving.  It is just the latest reason.  The tragedy of San Francisco’s fall from grace has been decades in the making and self-imposed.  The city has become an Opera-Bouffe of one-party rule and a progressive agenda run amok.

The national economy has had scores of winners in the rebound from the COVID lockdown.  Innovations around mobile ordering, online retailing, mixed-use developments, the embrace of electric vehicles, adaptations by major chain retail and dining brands that have allowed them to bounce-back, grow market share, raise wages and hire like crazy, are just a few of the ways communities and their business partners have met the challenges of our times. A generation ago, San Francisco would have been in the vanguard of these success stories.  But in today’s San Francisco residents are immersed in the greatest measure of lawlessness, litter, graffiti, homelessness and panhandling that the city has ever known.  In a national economy chock full of innovators, recovery stories and winners, it’s hard to dispute that San Francisco is the biggest loser of all.

 

Dutch Bros – Ceres – Lease

Dutch Bros – Merced – Sale

El Pollo Loco – Hayward

3065 McKee Road (La Plaza Market) – Sale