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1/10/25
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Bridgepointe Shopping Center, a 231.7k sf community retail center in San Mateo, was acquired by a joint venture between Sterling Organization and Cohen & Steers in a $127 mil ($548/sf) transaction. The asset was sold by Nuveen Real Estate.
Bridgepointe Shopping Center, originally developed in 1998 and recently renovated in 2023, spans 23.7 acres. The center features a tenant mix that includes Ross Dress for Less, Marshalls, Nordstrom Rack, Total Wine & More, Chick-fil-A, Five Below and the Container Store, contributing to its impressive 100% occupancy rate. The center is further enhanced by shadow anchors Target and The Home Depot, which rank among their companies' top-performing locations nationally.
The property is strategically positioned along Hwy 92 with 1,400 linear feet of frontage, exposing the center to over 155,000 vehicles per day. The property benefits from its proximity to major employment hubs and residential areas, ensuring a strong daytime population and consistent customer base.
Eric Kathrein, Daniel Tyner, Geoff Tranchina, Gleb Lvovich, Warren McClean and Danny Finkle with JLL Capital Markets represented the seller in the deal. JLL also arranged financing for the purchase.
San Mateo, situated in the highly desirable Silicon Valley submarket, boasts robust demographics with average household incomes exceeding $196k. The San Francisco Bay Area, renowned for its thriving technology and biotech industries, continues to attract top talent and major corporations, contributing to the region's economic strength and long-term growth potential.
“Strong performing big box retail with high quality national credit tenancy continues to demand robust interest from investors across the West Coast,” commented Tyner. Bridgepointe Shopping Center’s excellent fundamentals and demographics make this one of the best performing centers in the greater San Francisco Bay area.”
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