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December 18, 2018
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Bay Area Retail/Commercial Center Trades in $87 Mil Deal

11/14/18

Blackstone Real Estate, with its ShopCore Properties affiliate, has acquired Westgate Shopping Center, a roughly 800k sf retail/commercial complex in the Bay Area city of San Leandro, for $87 mil in an all-cash deal. The asset, located at 1933 Davis St, consists of retail and outlet space on the ground floor, with the second floor having been converted to creative commercial space for start-ups, tech firms and food-related businesses.

Westgate Shopping Center was sold by ScanlanKemperBard, out of Portland, which picked up the property in early 2015 for around $42 mil. Current retailers at the center include Walmart, Office Depot, Burlington Coat Factory and Home Depot.

The property, situated just west of I-880 off Hwy 112, was built in the 1950s. It was not originally designed for retail, as the complex was first used as an auto manufacturing plant and later purchased by Caterpillar for heavy machinery production.

Nicholas Bicardo, Brandon Rogoff and Grant Lammersen with Newmark Knight Frank represented the seller, SKB and WHI Real Estate Partners, in the transaction.




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