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RETAIL NEWS
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Sterling Organization Purchases Two Bay Area Retail Assets for $40 Mil

4/14/23

Sterling Organization recently acquired two Bay Area retail properties in a deal valued at $40.45 mil. The acquisition consisted of Franciscan Center, a 106.8k sf retail center, and Mohave Center, a 10.2k sf strip center, both located in Fremont.

The properties are situated in a very attractive submarket of the Bay Area and boast a total occupancy of 92%. Notable tenants among the centers include Safeway, Taco Bell, KFC, Burger King, Bank of America and 7-Eleven. Additionally, Franciscan Center is well positioned to the adjacent Tesla Fremont Factory.

Franciscan Center is located at 46690-46850 Warm Springs Rd, and Mohave Center is located at 46650 Mohave Dr. The centers benefit from their central location in Fremont, allowing easy access to the entire bay area. Given its proximity to major freeways, business parks and affluent neighborhoods, the centers gain significant exposure to traffic from both visiting and repeat visitors. The average household income within three miles is $171,207.

Gleb Lvovich, Daniel Tyner, Geoff Tranchina and Eric Kathrein with JLL Retail Capital Markets represented the seller in the deal.

"Grocery-anchored retail continues to drive very strong demand and pricing in today’s market. Franciscan center presented a unique opportunity for a buyer to acquire a well-performing center with immediate upside and growth,” said Tyner.





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