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Bay Area Grocery-Anchored Retail Center for Sale

Wednesday, November 15, 2017

Oakland retail center for saleHolliday Fenoglio Fowler, L.P., (HFF) is exclusively marketing for sale Foothill Square Shopping Center, a 117,438-square-foot, grocery-anchored shopping center in Oakland, California. The newly redeveloped property is anchored by a Foods Co. (separately owned by Kroger) and features a lineup of national retailers, including Ross Dress for Less, Wells Fargo, Shoe Palace, Carl’s Jr. and Rainbow, along with a collection of daily needs and medical tenants such as DaVita Dialysis. The retail center for sale offers investors the chance to acquire a recently redeveloped shopping center in a dense infill area with immediate value creation opportunities.

Situated on 8.57 acres at 10700 MacArthur Boulevard, Foothill Square Shopping Center is strategically located adjacent to Interstate 580 with excellent visibility to more than 165,000 cars per day. The center is proximate to several demand drivers, including the 190-acre Oak Knoll residential development, a transformational 935-unit single-family community development that is two miles from the property, and the mixed-use San Leandro Tech Campus, which is three miles away.

Bay Area Retail Center for Sale Investment Highlights

  • Foothill Square Shopping Center Ross Dress for LessRecently Redeveloped Retail Property with a Premier Grocery Anchor:  A full redevelopment of the property was completed at the beginning of 2017, adding new buildings and revitalizing the property with new facades and signage. The redevelopment has resulted in stronger tenant sales performance and enhanced curb appeal, while reducing future capital expenditures for a new owner. Additionally, the retail center for sale is anchored by a separately owned, brand new Foods Co. that was built by Kroger in 2014 for approximately $18 million.
  • Secure Rent Roll with Immediate Value Creation Opportunities:  The majority of tenants are on long-term leases with more than 65 percent of the GLA contractually leased until 2023 or later. There is strong tenant demand for the development of a 6,000-square-foot pad site as well as the ability to sell outparcels individually to capture lower single-tenant cap rates.
  • Dense, Affluent and Growing Trade Area with Limited Grocery Competition:  More than 375,000 people live within a five-mile radius of the property, and current forecasts predict that the population will grow by another six percent over the next five years. The average annual household income within a one-mile radius of Foothill Square Shopping Center is more than $90,000, which is well above national average of $56,000 and the state average of $61,000. The center is well positioned to capture consumers from the surrounding densely populated Oakland trade area with few other competing grocery retail options.
  • Excellent Visibility and Access with High Barriers to Entry:  Located adjacent to Interstate 580 with excellent visibility to more than 165,000 cars per day, the property enjoys direct freeway on/off access from 106th Avenue. The coastal infill location of Foothill Square Shopping Center and lack of surrounding developable land sites ensure income security and continued value appreciation with limited options for future competitive projects.

Retail property for saleFoothill Square Shopping Center offers investors the opportunity to acquire a recently redeveloped property with a stable rent roll and immediate value creation opportunities that is part of a dense, affluent and growing trade area with limited competition. For more information on this commercial property or other retail properties for sale, please contact Bryan Ley, Eric Kathrein or Justin Kundrak. Click here for our real estate investment sales search page.

Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker Licensed with the California Department of Real Estate, License Number 01385740.

 





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