SAN FRANCISCO-Federal Realty Investment Trust has acquired the East Bay Bridge shopping center, a 438,000-square-foot, grocery-anchored power center spanning two municipalities, Emeryville and Oakland, CA. The trust paid cash consideration of $53.7 million and assumed an existing $62.9 million mortgage loan secured by the property.
“East Bay Bridge shopping center is well located in a very supply constrained trade area in the densely populated East Bay market with top tier, top performing national tenants that draw from a wide trade area,” says Jeff Berkes, president of the west coast. “We were attracted to the investment because of the strength of its location, the strength of the tenancy, and the fact that most of the leases were negotiated nearly 20 years ago and, as a result, are substantially below today’s market rents.”
East Bay Bridge is anchored by a 60,000-square-foot Pak ‘N Save by Safeway supermarket, 140,000-square-foot Target, and 100,000-square-foot Home Depot, with 14 additional retailers including Sports Authority, Michael’s, Pacific Sales Kitchen and Bath, and Office Max. The property was constructed in 1994, and sits within a larger mixed use site of 50 acres with additional retail, a hotel, and an apartment complex.
East Bay Bridge is located at the intersections of three major highways, I-80, I-580 and I-880 and spans 10 city blocks along 40th street with more than 2,800 feet of freeway visibility and 3,300 feet of street frontage along 40th street, according to a prepared statement.
According to Federal Realty Investment Trust, traffic counts are expected to grow in the area once the expansion of the Caldecott Tunnel is completed in 2013.
GlobeSt.com recently chatted with Federal Realty VP Jan Sweetnam on the retail market in the Bay Area, and she sees some great momentum in the area, not only in San Francisco but in the Silicon Valley as well.