Big chunks of East Bay shopping center are bought by real estate firm
SAN LEANDRO — Numerous chunks of a massive browsing mall in the East Bay have been purchased by a serious estate team that is also associated in the revamp of another business sophisticated in Alameda County.
Significant sections of Bayfair Center, a longtime San Leandro browsing shopping mall, have been bought by a group that is linked to two East Bay real estate executives — Peter Lennon and Adam Goldenberg, according to paperwork submitted on June 14 with the Alameda County Recorder’s Business.
The expense business, performing as a result of an affiliate, compensated about $57 million for parts of Bayfair Center, which is positioned at 15555 E. 14th St. in San Leandro.
The web sites that San Leandro JV, the affiliate headed up by Lennon and Goldberg, acquired incorporate numerous higher-profile suppliers as tenants.
Macy’s, Kohl’s section keep, Century 16 Bayfair Mall, Mattress Bathtub & Beyond, Aged Navy, 24-Hour Physical fitness, Social gathering City, Ulta Salon, PetSmart, Starbucks, Chili’s Grill and Bar, and San Joaquin Valley University are among the main tenants working on the just-ordered web pages, a submitting with the County Recorder’s Office reveals.
The website of a Concentrate on retail outlet was not concerned in the order. Concentrate on owns its keep home at Bayfair Heart, according to paperwork posted with the County Assessor’s Workplace.
San Leandro JV also obtained a mortgage of $28.5 million from Financial loan Oak Fund at the time of the invest in, in accordance to the assets data.
B3 Attributes, a team led by Lennon, is also involved in a revival of West Gate Buying Centre at 1933 Davis St. in San Leandro.
West Gate in San Leandro is a previous two-tale automotive producing heart with even larger merchants this kind of as House Depot, Ross Costume for Fewer and Dollar Tree.
The upper ground of West Gate has been converted into various areas for tech startups, creative artists and compact industrial companies.
At Bayfair Centre in San Leandro, the sites that were acquired could be changed and redeveloped, files on file with metropolis officials display.
San Leandro is actively learning irrespective of whether it tends to make sense to remodel portion of Bayfair Middle into a mixed-use intricate that may well element properties, ground-floor retail, workplaces plazas and open areas.
“A vivid mixed-use, transit-oriented retail, professional and household destination” could sprout at the recent internet site of Bayfair Centre,” a metropolis doc states.
No precise strategies have emerged for a redevelopment of the shopping mall. As well as, no timeline has been proposed for any distinct advancement perform. The options that have been regarded as by the city are early-stage endeavours and conceptual in nature.
Bayfair Centre opened in 1957 with the launch of the Macy’s keep as the major anchor at that time. In new a long time, Bayfair has turn into more of a ability retail centre — with a number of large-box tenants — relatively than a common indoor shopping mall.
Now, further variations surface to be in the offing as San Leandro mulls the long term of the mall and other locations in close proximity to the nearby BART station.
“Developing and utilizing a sustainable and vibrant Bay Honest transit-oriented development specific program would empower San Leandro to occur ‘full circle’ in comprehensively planning and transforming the city’s East 14th Avenue corridor,” in accordance to the municipal planning document.