RENTV.Com, 4/13/2007
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Hayward and Suisun City Retail Deals Ring Up $53 Mil in Sales
NAI BT Commercial’s Dan Wald and Dave Nord recently brokered a pair of sizable NoCal retail sales, in Hayward and Suisun City. Together, the deals total $53.7 mil.
The larger of the transactions was in Suisun City, located off I-80 in Solano County, where Centervest Properties paid $33.7 mil for Heritage Park Shopping Center, a 167k sf ($202/sf) asset located on Hwy 12. Heritage Park is anchored by a Raley’s grocery/drug combination store and was 98% leased at time of sale.
Wald and Nord handled negotiations for the buyer and the seller in the deal. According to Wald, “There was extremely strong interest in this high-quality, well-leased asset. We received over 10 qualified bids and were able to select a very qualified and motivated buyer.”
In the Hayward transaction, in the East Bay, Fowler Property Acquisitions acquired Fairway Park Shopping Center, a 138.4k sf property on Mission Blvd. The center was sold by a Fairwood Management-related entity for $20 mil ($145/sf).
Fairway Park, developed in 1955 and owned by the same family ever since, will be redeveloped by Fowler. A former Albertson’s anchor tenant recently closed as a result of Albertson’s corporate acquisition. The buyer intends to replace this tenant with a new, smaller neighborhood-serving grocer as a part of its plan to upgrade and re-lease this well-located, in-fill, neighborhood-serving property.
Wald and Nord represented both parties in this transaction as well.
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