The Safeway store, anchor of the Franciscan Center, a retail complex at 46850 Warm Springs Boulevard in Fremont. (Google Map)
Fremont — Two retail and restaurant centers in Fremont were purchased by a group led by a private Florida investor, public real estate records reveal.
The Franciscan Center and Mojave Center adjacent to Fremont were acquired for just under $40.5 million, according to documents filed with the Alameda County Records Department on April 6.
The Sterling Organization, a large private equity firm in West Palm Beach, Florida, has purchased two retail centers, according to county records.
JLL commercial real estate brokers Gleb Lvovich, Geoff Tranchina and Eric Kathrein helped arrange the transaction. The center is located on Mission Boulevard between Warm Springs Boulevard and Mohave Drive.
The Sterling Organization purchased two retail sites for all cash, according to county documents. Records show that an East Bay real estate investment group sold the property.
Safeway is the main anchor of the Franciscan Center. Other tenants at the two retail centers include Taco Bell, KFC, Burger King, Bank of America, Round Table Pizza and 7-Eleven.
Located at 46690 to 46850 Warm Springs Boulevard, the Franciscan Center will have a total area of 106,800 square feet, JLL said. The Mojave Center has a total area of 10,200 square feet and is located at 46650 Mojave Drive.
JLL senior director Tyner said:
According to JLL, Safeway’s long-standing position as an anchor for the Franciscan center has helped drive interest on the part of buyers.
“The Franciscan Center provided a unique opportunity for buyers to quickly ramp up and grow a high-performing center,” Tyner said.
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