Home News East Bay retail centers bought for more than $100 million

East Bay retail centers bought for more than $100 million

by admin
0 comment
Lafayette Mercantile is a total of 56,600 square feet of retail and office center located between 3585 and 3597 Mt. Diablo Blvd. At lafayette. (New mark)

LAFAYETTE — Two retail centers in Lafayette’s prime location in East Bay have been acquired by a veteran Midwestern real estate investment company for over $ 100 million in transactions.

La Fiesta Square and Lafayette Mercantile were purchased by an affiliate managed by the SITE Center, a real estate investment trust, according to a document filed with the Contra Costa County Records Office on May 3.

The Ohio-based SITE Center has paid $ 103.2 million for the two Lafayette retail centers, according to county public records.

The deal suggests that investors are still hungry for retail centers in selected locations in the Bay Area.

According to public records, the two Lafayette complexes were sold by affiliates managed by Stephen Cortese and Ancortese. The pair is the top executive of Cortese Property and is shown by the state’s Business Filing.

On May 4, the day after the sale of Lafayette’s property, a Cortese-controlled affiliate purchased a vast high-tech and advanced manufacturing building in North San Jose, tenanted by battery maker QuantumScape.

According to Santa Clara County records, the Cortese company paid $ 103.8 million to the San Jose site on the 1710 Automation Parkway and received a $ 45 million Wells Fargo loan to fund the purchase of the building.

Raffiesta Square, totaling 74,300 square feet and consisting of five retail buildings, was purchased by the SITE Center for $ 60.7 million.

With a total of 56,600 square feet, the retail and office complex Lafayette Mercantile was purchased for $ 42.6 million.

Brokers Nicholas Vicardo and Stephen Gorbutik have arranged a real estate transaction with commercial real estate company Newmark.

“This portfolio is one of the wealthiest districts in the Bay Area, offering a once-in-a-generation opportunity to scale instantly by acquiring key retail assets and the best multipurpose properties two blocks away. It represents, “said Vicardo. Vice President Newmark.

According to county records, the SITE Center purchased the two retail complexes in full cash.

According to Newmark, Raffiesta Square is “in the heart of downtown Lafayette”.

You may also like