Two East Bay shopping centers that are each have a Safeway as an anchor have been bought in separate deals for a combined $88.9 million.
Rossmoor Shopping Center at 1900 through 1998 Tice Valley Boulevard in Walnut Creek.
Two East Bay shopping centers that are each have a Safeway as an anchor have been bought in separate deals for a combined $88.9 million.
Subscribe to continue reading this article.
Already subscribed? To login in, click here.
Two East Bay shopping centers that are each anchored by a Safeway grocery store have been bought in separate deals for a combined $88.9 million by out-of-state investors.
The neighborhood shopping centers that were bought are located in Clayton and Walnut Creek, respectively, according to documents filed in recent weeks with the Contra Costa County Recorder’s Office.
Here are some of the details of the recent shopping center purchases in the East Bay, as detailed in grant deeds posted with the county:
— Rossmoor Shopping Center in Walnut Creek was bought for $61.1 million by an affiliate controlled by Florida-based Sterling Organization. The retail hub is located at 1990 through 1998 Tice Blvd., county documents filed on April 7 show.
— Clayton Station Shopping Center in Clayton was bought for $27.8 million by an entity controlled by Ohio-based Phillips Edison & Co. The shopping center is at the corner of Clayton Road and Kirker Pass Road and has addresses that include 5431 Clayton Road, according to a grant deed filed on April 9.
Rossmoor Shopping Center totals 118,800 square feet. Safeway and CVS Pharmacy are the primary anchors of the center.
Clayton Station Shopping Center totals 67,500 square feet. Safeway and Walgreens are the center’s main anchors. The property occupied by the Safeway store wasn’t included in the sale.
The two deals suggest investors remain interested in retail hubs with sturdy anchors like Safeway.
“This property is a great asset and essential hub for the community,” John Dake, a principal executive with Sterling, said of his company’s purchase of the Rossmoor retail center in Walnut Creek. “We see tremendous potential to further elevate its appeal.”