Mission Hills Square will include 158 apartment units and 53,900 square feet of retail space.
FREMONT, CA—Gadsden Growth Properties Inc. acquired Mission Hills Square, a mixed-use ground-up development that includes 158 residential apartment units and 53,900 square feet of retail space for approximately $240 million in a combination of cash and stock. Mission Hills Square is slated for completion in October 2019.
“This acquisition is indicative of our core strategy of buying strong retail and mixed-use assets in secondary markets with robust economic and socioeconomic tailwinds,” says John E. Hartman, chief executive officer of Gadsden Growth Properties Inc. “Fremont is a secondary city to both San Jose and San Francisco and is more affordable by Bay Area standards. We believe this asset significantly increases the company's NAV and enhances the overall quality of our portfolio.”
Situated in the foothills of the Bay Area along Interstate 680, Mission Hills Square will offer the residential apartment units above commercial retail space. Mission Hills' future commercial tenants are anticipated to include retail stores, sit-down restaurants and casual eateries that will serve not only the residents of Mission Hills but also the populations that live in the surrounding areas.
Mission Hills Square benefits from a high quality of life and a well-educated work force boasting median incomes that exceed $100,000 within a 5-mile radius. The project is in proximity to major employers, such as Facebook, Apple and other tech companies. In addition, demand for housing, coupled with low supply and high occupancy in the area, supports an inherent demand for both apartments and retail.
Gadsden signed an agreement in November 2018 to merge with FC Global Realty Incorporated.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
