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4/11/16
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Oceanview Village Shopping Center, a 92.4k sf retail center in San Francisco, was acquired by a partnership between BROE and Citivest Commercial Investment for $31.6 mil ($342/sf). Developed in 2002, the property also contains 370 separately owned residential condo units above the retail that were not part of this transaction.
The property was leased to Albertsons and Walgreens, although both tenants had gone dark, creating an opportunity for the buyer to add value to the center. 24 Hour Fitness, Hertz, Subway and Extreme Pizza are also open and operating in the center.
Located on Alemany Blvd between Worcester and St. Charles Avenues, the property is part of a transit-oriented mixed-use village within two blocks of I-280, U.S. Hwy 101 and the Daly City Bay Area Rapid Transit (BART) station. The property greatly benefits from its strong visibility from Interstate 280, as well as benefits from its location with close proximity to San Francisco State University.
Todd Oliver with Cushman & Wakefield Retail Services group in Burlingame, in collaboration with Michael Maffia of Newmark Knight Frank Cornish & Carey Commercial, represented the seller, Culligan Properties.
The property will be renovated and updated to look and feel like a new center and be more competitive to the latest projects being proposed and built in this mature neighborhood. Todd Oliver and Drew Greenspan, also with C&W, have been enlisted by the new owner to handle the leasing assignment, with a focus on backfilling the vacant boxes.
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