NAI BT Commercial negotiated the sale of two retail properties in the San Francisco Bay Area for a total price of $53.7 million.
In the first transaction, Fowler Property Acquisitions purchased the 138,368-square-foot Fairway Park Shopping Center in Hayward, Calif., for $20 million, or $144.54 a square foot.
The property, developed in 1955 and owned by the same family ever since, was acquired for redevelopment. Fowler plans to re-lease the space recently vacated by Albertson’s with a smaller-sized grocer.
In the second transaction, Centervest Properties acquired the 167,051-square-foot Heritage Park Shopping Center in Suisun City, Calif., for $33.7 million, or $201.73 per square foot.
Heritage Park is anchored by a Raley’s grocery/drug combination store and was 98 percent leased at time of sale.