OAKLAND, CA—Federal Realty Investment Trust has acquired the East Bay Bridge shopping center here for $53.7 million.
The trust also assumed an existing $62.9 million mortgage loan secured by the 438,000-sq.-ft. power center, which also spreads into neighboring Emeryville, CA. Anchors at the property include Pak ‘N Save, Target and Home Depot. Other tenants include Sports Authority, Michael's, Pacific Sales Kitchen and Bath, and Office Max.
The property was constructed in 1994, and sits within a larger mixed-use site of 50 acres with additional retail, a hotel, and an apartment complex. Traffic near the center is expected to grow once the expansion of the Caldecott Tunnel is completed later this year.
Jeff Berkes, president, West Coast of the trust, said the center is well located in a very supply-constrained trade area in the densely populated East Bay market. "We were attracted to the investment because of the strength of its location, the strength of the tenancy, and the fact that most of the leases were negotiated nearly 20 years ago and, as a result, are substantially below today's market rents,” he said.