Malls in San Jose, Berkeley and Alamo land on the East Coast
SAN JOSE — Retail sites in San Jose, Berkeley and Alamo have been snapped up by an East Coast real estate company that is using the purchases to launch its first West Coast foray, real estate records show.
A portion of the Village Oaks Mall in South San Jose, a Berkeley Mall at 1000 Gilman St., and the Alamo Plaza Mall in the Contra Costa County community of Alamo were purchased by Edens, a real estate investment and development based in South Carolina. , according to public records filed in the Bay Area.
Real estate transactions show that real estate investors continue to seek an array of commercial properties in the Bay Area, including retail locations, despite the economic uncertainties triggered by the coronavirus.
Edens paid $61.2 million for a section of the Village Oaks complex at 5670 Cottle Road in San Jose, documents filed March 29 with the Santa Clara County Recorder’s Office.
Separately, Edens paid $24.1 million for two Berkeley packages that include a Whole Foods store on Gilman St., Alameda County documents show.
The Alamo Plaza shopping center in Alamo was also included in the real estate transaction. Financial details of this transaction were not immediately available.
The seller for the three Bay Area retail locations was Orange County-based Donahue Schriber Realty Group, according to public property records.
“Our West Coast expansion is a critical milestone for Edens and the next step towards creating a pipeline of future opportunities,” Jami Passer, Edens’ chief investment officer, said in a post on the website. of the society.
The company said the West Coast acquisitions mark Edens’ national expansion.
“We came to the West Coast in a significant way,” Passer said.
In addition to Bay Area purchases, Edens purchased malls in the Los Angeles, San Diego, and Seattle metropolitan areas.
“It shows that the Bay Area retail market is still attracting great investors,” said David Taxin, partner at Meacham/Oppenheimer, a commercial real estate firm. “The Bay Area has some of the best retail in the entire country.”
The part of the Village Oaks center in San Jose that was acquired includes retailers such as Marshalls Department Store, Petco, Mod Pizza, Chipotle Restaurant and Starbucks Coffee. A Target store and a Safeway which are two key hub anchors were not included in the purchase.
The Berkeley purchase includes Whole Foods Market, Office Depot, as well as other Gilman Street merchants.
Alamo Plaza merchants include a Safeway supermarket and a Rite Aid pharmacy.
“The quality of the tenants in these centers is what attracted this investor,” Taxin said. “Investors want stable, long-term investments. Bay Area commercial properties offer that.