Scanlan Kemper Bard Cos. recently purchased Eastmont Town Center, a 605,959-square-foot, mixed-use project in Oakland, Calif., for $78 million.
Eastmont Oakland LLC and Eastmont Town Center Co. LLC sold the property to Portland, Ore.-based Scanlan Kemper.
The property, which is located at 7000 Bancroft Ave., consists of a two-story mall, single-story in-line retail, a building solely dedicated to housing the Oakland Police Department, and nine separate pad sites. Eastmont Town Center was 90 percent leased at the time of sale with major tenants including Alameda County, the City of Oakland, the Port of Oakland, and the U.S. federal government. Constructed in phases in 1965 and 1973 as a retail center, the property is situated on approximately 29.5 acres.
“In the early 1990s anchor tenants such as JC Penney and Mervyns vacated, leaving the property only 30 percent leased,” said Edward Suharski, senior vice president with Grubb & Ellis’ San Francisco office, who represented the sellers in the transaction. “After receiving no response from national retailers, the ownership decided the property would be best suited for governmental entities. …”