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12/23/14
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In a notable retail investment deal out of the Bay Area, the East Bay Asian Local Development Corporation (EBALDC) and Portfolio Property Investors (PPI) have sold their ownership portion of the Jack London Gateway Shopping Center to the non-profit West Oakland Marketplace Advancement Corporation (WOMAC) – its current partner in the project. WOMAC, PPI and EBALDC formed a partnership to purchase the center in 2005 with a goal of bringing in a grocery store operator and eventually selling the center to WOMAC.
In 2014, WOMAC exercised its option to purchase the center. As part of the transaction, EBALDC will retain ownership of a connected and adjacent senior housing complex to continue serving its mission and the community. The financial terms were not disclosed.
Jack London Gateway is a 58k sf shopping center located at 900 Market St, north of I-880 and just west of I-980 in Oakland. Current tenants include CitiTrends, Rainbow Clothing, Mediterranean Market, Pizza Love , McDonald’s, KFC, Hong Kong Fast Food,. EBALDC will retain The Jack London Gateway Senior Housing, which provides 61 affordable apartments for low-income seniors. Other EBALDC properties include the California Hotel, Swan’s Market, Preservation Park and the Asian Resource Center.
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