FREMONT — Two retail and restaurant centers in Fremont have been bought by a group headed up by private investors from Florida, according to public real estate records.
Franciscan Center and Mohave Center, located next to each other in Fremont, were bought for slightly less than $40.5 million, according to documents filed on April 6 with the Alameda County Recorder’s Office.
Sterling Organization, a big private equity firm located in West Palm Beach, Florida, bought the two retail centers, the county records show.
JLL commercial real estate brokers Gleb Lvovich, Geoff Tranchina and Eric Kathrein helped to arrange the transaction. The centers are located on Mission Boulevard between Warm Springs Boulevard and Mohave Drive.
Sterling Organization bought the two retail sites in an all-cash deal, the county documents show. An East Bay real estate investment group sold the property, according to the real records.
Safeway is the primary anchor at Franciscan Center. Other tenants in the two retail centers include Taco Bell, KFC, Burger King, Bank of America, Round Table Pizza and 7-Eleven.
Francisco Center, located at 46690 through 46850 Warm Springs Boulevard, totals 106,800 square feet, JLL stated. Mohave Center totals 10,200 square feet and is at 46650 Mohave Drive.
“Grocery-anchored retail continues to drive very strong demand and pricing in today’s market,” said Tyner, a JLL senior director.
Safeway’s long-time status as the anchor of the Franciscan center helped to drive the interest on the part of the buyer, according to JLL.
“Franciscan Center presented a unique opportunity for a buyer to acquire a well-performing center with immediate upside and growth,” Tyner said.
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