123,000 SQFT Empire Shopping Center in Antioch Sold to Doerken Properties Affiliate for $34.8MM

The Empire Shopping Center, a 123,124-square-foot retail property located at 5897 Lone Tree Way in Antioch, California, has been acquired by an entity affiliated with Doerken Properties, Inc. (DPI) for $34,825,000, or approximately $283 per square foot, according to public documents reviewed by The Registry. The sale marks a significant transaction in the East Bay retail market and underscores the property’s value as a stable, income-generating asset with strong growth potential.

Originally listed for sale by Dunhill Partners in November 2024, the Empire Shopping Center attracted attention for its prime location, 90.5 percent occupancy rate, and diverse tenant roster, which includes national brands such as Dollar Tree, Panera Bread, and PetSmart. The property’s annual NOI of $2.38 million and pro-forma NOI of $2.92 million, along with 11,657 square feet of vacant space, presented an opportunity for value enhancement through leasing and operational improvements.

Dunhill had owned the asset since March 2015, when it paid $32.99 million for it.

DPI is a real estate investment and management firm founded by Peter W. Doerken over five decades ago in El Segundo, Calif. Guided by a long-term investment perspective and a commitment to core values such as integrity, hard work, transparency, and community-mindedness, DPI has built a reputation for elevating asset value and fostering strong relationships with partners, tenants, and vendors, according to the company’s website.

DPI specializes in the shopping center industry and focuses on enhancing value through operational improvements and strategic investments. The acquisition of the Empire Shopping Center aligns with DPI’s strategy of investing in retail assets with long-term potential, further solidifying its presence in the thriving Antioch market. The property’s location in a high-growth area, surrounded by major retailers and with easy access to Highway 4, positions it as a key addition to DPI’s portfolio.

In 2024, Antioch experienced significant developments in its retail sector, reflecting both challenges and growth opportunities, according to NAI NorCal research. The city saw an increase in retail demand, with the Antioch/Pittsburg submarket recording over 100,000 square feet of positive net absorption, indicating a strong interest from retailers. Despite this demand, the submarket faced a vacancy rate of 6.8 percent, suggesting room for further tenant occupancy and potential investment.

Rental rates in Antioch remained competitive, with average asking rents at $24.25 per square foot, reflecting a modest 0.4 percent annual growth. This stability in rental pricing, coupled with the city’s strategic location and growing population, positions Antioch as an attractive market for retail investors and businesses seeking expansion opportunities, NAI’s reporting added.

Originally reported in The Registry.