SAN LEANDRO A big East Bay shopping center has been bought for more than $80 million in a deal that suggests this type of Bay Area retail property can command robust real estate values.
According to records submitted to the Alameda County Recorder’s Office on June 23, Marina Square, a busy San Leandro outlet mall hub, was purchased for $81 million.
According to county records, the property was purchased by JH Real Estate Partners, an Orange County-based business that did so through an associate.
Real estate records show that the outlet center was sold by the Los Angeles County Employees Retirement Association. The public pension organization also acted through an affiliate.
Marina Square totals about 167,300 square feet, information posted on the LoopNet commercial property database shows.
Addresses for the outlet center in San Leandro span from 1201 to 1299 Marina Boulevard.
Marina Square commands top-level freeway visibility due to its perch next to ultra-busy Interstate 880. The shopping center is near the city limits of Oakland, the East Bay s largest city.
According to a post on the Marina Square website, the area has a number of well-known stores and dining franchises.
Nordstrom Rack, Marshalls, Nike Outlet, GAP Factory Store, Ann Taylor Factory Store, Converse Clearance, Banana Republic Factory Store, and Sephora are among the major retailers that operate in Marina Square.
Among the eateries in the outlet center are Panda Express, La Salsa Fresh Mexican Grill, Pieology, and Starbucks.
An average of roughly 239,900 vehicles a day travel on Interstate 880 where the freeway intersects with Marina Boulevard. According to the LoopNet website, the outlet mall is situated on Marina Boulevard, just east of Interstate 880, which sees an average of 184,600 traffic every day.
JH Real Estate, the buyer of the outlet center, owns several big retail properties, primarily in California, according to the company s website.
The buying group also obtained a $56.5 million loan from City National Bank to finance the purchase of Marina Square, the Alameda County property files show.
The deal appears to point to rising values for the property. As of January 2024, the estimated value of Marina Square was $45.1 million, according to documents on file with the Alameda County Assessor s Office.
