(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

SAN MATEO, CA-SPI Holdings acquired Bridgepointe Center, a 270,000-sf power center here, from Westlake Global Management for about $90 million. Grubb & Ellis' San Francisco office, which represented Westlake in the deal, announced the transaction.

About 200 parties showed interest in Bridgepointe, leading to 25 offers for a total of around $2 billion, says Michael Federle, a senior vice president in Grubb's institutional investment group who worked on the deal. Nicholas Bicardo, a Grubb associate, was also involved in the transaction.

Bed Bath & Beyond, Home Depot, Petco and Target are among the center's anchor tenants. The seven-year-old center is 92% leased. Bridgepointe is part of a 75-acre master-planned community, which is adjacent to 60 million sf of office parks in the mid-Peninsula area.

Earlier this month San Francisco-based SPI Holdings and a partner acquired two Nevada ShopKo stores for an undisclosed amount. In October the firm refinanced a 148,832-sf center in San Francisco for about $50 million. SPI owns a diversified portfolio of about four-million sf.

Locally based Westlake Global manages a portfolio of about two-million sf. The 296,072-sf Gresham (OR) Station and the 105,686-sf Lido Faire Shopping Center, in Newark, CA, are among the five shopping centers listed on its website as part of the firm's retail portfolio.

Instant Insights /

Bay Area Center Gets $90M

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