A Florida-based real estate investment firm has acquired Pleasanton Gateway Shopping Center for $79.1 million, according to Alameda County property records. The purchase price is about 16% below the center’s $94 million assessed value. The 128,275-square-foot retail property near Interstate 680 is anchored by Safeway and CVS.
Key takeaways
- Sterling United Properties, an affiliate of Florida-based Sterling Organization, is the center’s new owner.
- County records indicate a sale price of $79.1 million, nearly $15 million below the center’s assessed value as of July.
- Safeway and CVS are the largest tenants, alongside a mix of restaurants and other businesses.
What the sale records show
Documents filed Oct. 1 with the Alameda County Clerk-Recorder’s Office identify Sterling United Properties as the buyer. The deed transfer records a documentary transfer tax payment of $87,010. Because Alameda County charges $1.10 for each $1,000 of conveyed value, the tax amount indicates a sale price of about $79.1 million.
The county assessor valued the property at $94 million as of July. The purchase price was therefore roughly 16% lower than that assessed figure, though assessed value and transaction price are distinct measures.
A retail center anchored by Safeway and CVS
The center sits at Valley and Bernal avenues near Interstate 680. Safeway occupies about 59,000 square feet and operates a gas station at the property. CVS, the second-largest tenant, takes up a little more than 14,000 square feet.
Other tenants include Wells Fargo, Mike’s Bikes, The Habit Burger Grill, Panda Express and Starbucks. Sterling Organization describes Safeway as a high-performing anchor and says average household income within three miles is nearly $260,000.
The firm’s website listed one available unit, while a Pleasanton Weekly visit found two vacant stores. The difference suggests that vacancy information may vary by timing or listing status.
The site’s development history
The property was once part of a plan for eight four-story office buildings, but the former developer abandoned that proposal during the recession, according to a 2013 Pleasanton Weekly report. Safeway later acquired part of the land and took the lead in developing the shopping center.
The latest transaction transfers ownership to Sterling United Properties, while the center continues to operate with its established grocery, pharmacy and food-service tenants.