The Franciscan and Mohave Facilities in Fremont, Calif. Picture courtesy of JLL Capital Markets
Sterling Group has closed its buy of two retail properties in Fremont, Calif., for $40.5 million. The agency has acquired Franciscan Middle, a 106,840-square-foot purchasing heart, and the adjoining Mohave Middle, a ten,228-square-foot strip mall.
The earlier proprietor of the positioning was Danville, Calif.-based firm Patterson Ranch Inc., in keeping with CommercialEdge knowledge. JLL Capital Markets, which represented the previous proprietor in a singular transaction promoting each property, declined to call the vendor in a press release saying the transaction. Nevertheless, JLL did notice that the retail properties have been offered by their unique proprietor, who had held the property for half a century.
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Situated within the San Francisco Bay Space, the properties have an occupancy charge of 92 %. Tenants on the properties embrace grocery store Safeway, which anchors the Franciscan Middle, quick meals places Taco Bell, KFC and Burger King, a 7-Eleven location and a Financial institution of America department.
Franciscan Middle, which sits adjoining to the Tesla Fremont Manufacturing unit, is situated at 46690-46850 Heat Springs Highway, with Mohave Middle situated at 46650 Mohave Drive. The tasks are close to main freeways, company campuses and residential areas.
JLL’s Retail Capital Markets Funding Gross sales and Advisory crew, led by Managing Administrators Gleb Lvovich, Geoff Tranchina and Eric Kathrein, and Senior Director Daniel Tyner, suggested the vendor.
West Palm Seashore, Fla.-based Sterling Group invests in value-add retail actual property, core grocery-anchored retail actual property and shopper success and distribution actual property. The agency owns 73 properties in varied U.S. markets. JLL’s Tyner praised the grocery-anchored asset class within the assertion, saying the sector drives robust demand and pricing.
