Big East Bay shopping center is bought in deal that tops $35 million

Hilltop Plaza, a shopping center with retail shops and a movie theater at 3200 Klose Way in Richmond, elevated view.

RICHMOND — Hilltop Plaza, a Richmond retail center, has been bought by a minority-owned real estate firm in a deal that tops $35 million and is poised to bring new tenants to the East Bay site.

Primestor Development has paid $36.5 million to buy Hilltop Plaza, a retail center whose primary merchants include Ross Dress for Less, City Sports Club, dd’s Discounts, and a Century Theatres movie complex.

“Hilltop Plaza matches our criteria and goals for redeveloping centers tailored to the communities they serve,” said Alan Sneider, Primstor’s vice president of acquisitions. “This is a great project with which to expand our portfolio.”

The new owner hopes to revamp the retail center and upgrade its ability to serve the Richmond community. The 59-acre center is located at 3190-4251 Klose Way in Richmond near the interchange of Interstate 80 and Richmond Parkway.

“Hilltop Plaza represents the opportunity to acquire a strategic infill project that aligns with our investment strategy of empowering communities through the acquisition and management of institutional quality real estate,” said Lonnie Vidaurri, chief investment officer with Primestor Development.