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.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
We're here to help. Free 90-day trial for new subscribers.Click Here ×