Florida-based Sterling United Properties has acquired Pleasanton Gateway Shopping Center for $79.1 million, county records show. The 128,275-square-foot retail property, near Interstate 680, is anchored by Safeway and CVS. The reported sale price is about 16% below the center’s $94 million assessed real-property value as of July.
Key takeaways
- Sterling United Properties, an affiliate of Florida’s Sterling Organization, is the shopping center’s new owner.
- County records indicate a purchase price of $79.1 million.
- Safeway and CVS are the center’s largest tenants; the owner’s website lists one vacancy, while a recent visit found two empty units.
Sale details
Documents filed with the Alameda County Clerk-Recorder’s Office on Oct. 1 record the ownership transfer. The deed shows a documentary transfer tax payment of $87,010. At Alameda County’s rate of $1.10 per $1,000 of conveyed value, that amount indicates a sale price of about $79.1 million.
The purchase is nearly $15 million below the property’s assessed real-property value of $94 million, according to county assessor data for July. The assessment and sale price are different measures and do not necessarily reflect the same valuation date or purpose.
A retail center anchored by Safeway and CVS
Pleasanton Gateway sits near the intersection of Valley and Bernal avenues, close to Interstate 680. Safeway occupies about 59,000 square feet and operates a gas station at the center. CVS is the second-largest tenant, with just over 14,000 square feet.
Other tenants named by Sterling Organization include Wells Fargo, Mike’s Bikes, The Habit Burger Grill, Panda Express and Starbucks. The company describes Safeway as a high-performing anchor and cites average household income of nearly $260,000 within a three-mile radius.
Vacancy and property history
Sterling Organization’s website lists one available tenant space. However, the Pleasanton Weekly reported seeing two vacant units during a visit to the property, suggesting the number of empty storefronts may differ from the online listing.
The site was once considered for a development of eight four-story office buildings, according to a 2013 Pleasanton Weekly report. The former developer later abandoned that plan during the recession. Safeway subsequently acquired part of the land and took over development of the shopping center.