SAN LEANDRO — A giant San Leandro mall that has advanced as a novel mixture of outlets and industrial and tech startups has been purchased by a serious actual property participant.
Westgate Purchasing Heart, a two-story mall and business improvement that after was a automobile manufacturing plant close to the Interstate 880 and Davis Road interchange in San Leandro, has been purchased by associates of Blackstone Actual Property and its retail unit ShopCore Properties for $87 million in money, Alameda County property data present.
“It is a strongly performing retail asset that’s necessary for San Leandro’s economic system,” mentioned Katie Bowman, town’s financial improvement supervisor. “It’s additionally an awesome alternative for startups and artistic companies.”
The all-cash buy by BRE Westgate Property Proprietor on Oct. 29 factors to a sturdy East Bay business realty market. As of June 2018, mall was valued at $58.9 million, Alameda County evaluation paperwork present, which implies the acquisition value was nicely above the assessed worth.
For many years, the lengthy, two-story mall was a Plymouth automobile manufacturing plant, which started manufacturing within the 1950s, in accordance with a web site for the advanced. Then within the 1970s, it turned a Caterpillar tractor manufacturing facility. Within the 1980s, the location modified fingers once more and have become a mall, with the second flooring usually used for warehousing and storage for the ground-floor shops.
It’s that higher stage that prompted a inventive method to filling up the property. In California retail makes use of can usually wither when they’re situated on a second flooring.
ScanlanKemperBard, or SKB, a Portland, Ore.-based realty agency, transformed the higher flooring into quite a few small areas for tech startups, inventive artists and small industrial firms. The bottom flooring is absolutely leased to conventional huge field retailers similar to Residence Depot, Workplace Depot, Burlington, and Ross Gown for Much less.
“It’s a inventive use of an previous manufacturing plant,” Bowman mentioned.