Grocery-anchored retail center in Fremont, CA trades for $40.45M

IRVINE, April 13, 2023 – JLL Capital Markets announced today that it has closed the $40.45 million sale of Franciscan Center, a 106,840-square-foot retail center, and Mohave Center, a 10,228-square-foot strip center, located in Fremont, California.

JLL represented the private seller in the singular transaction of both assets. Sterling Organization acquired the two properties.

The properties are located in a very attractive submarket of the Bay Area and featured a total occupancy of 92%. Notable tenants among the centers include Safeway, Taco Bell, KFC, Burger King, Bank of America and 7-Eleven. Additionally, Franciscan Center is well positioned to the adjacent Tesla Fremont Factory.

Franciscan Center is located at 46690-46850 Warm Springs Rd., and Mohave Center is located at 46650 Mohave Dr. The centers benefit from their central location in Fremont, allowing easy access to the entire bay area. Given its proximity to major freeways, business parks and affluent neighborhoods, the centers gain significant exposure to traffic from both visiting and repeat visitors. The average household income within three miles is $171,207.

“It’s extremely rare to work with original owners dating back half a century. We are thrilled to represent the seller in the disposition of their last owned real estate and happy to work with Sterling Organization on our second transaction in the past 12 months,” Lvovich said.

"Grocery-anchored retail continues to drive very strong demand and pricing in today’s market. Franciscan center presented a unique opportunity for a buyer to acquire a well-performing center with immediate upside and growth,” said Tyner.

The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Director Gleb Lvovich, Senior Director Daniel Tyner and Managing Directors Geoff Tranchina and Eric Kathrein.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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