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Broe Real Estate Group paid $30.6M for the Oceanview Village Shopping Center in San Francisco. Citivest Commercial will operate the 98,406 SF mixed-use property, which counts Albertsons, Walgreens, 24-Hour Fitness and Chase Bank as existing tenants. Both Albertsons and Walgreens have long-term leases, but are not in operation. The center has struggled to attract a supermarket tenant.
The project includes 370 condos above ground-level retail, but the condos were not included in the sale. Broe and Citivest were drawn to the property because of the excellent location and financial health of existing occupants. The duo plan to improve the property through façade upgrades, new landscaping, entrance lighting, parking lot improvements and new signage.
Crosspoint Realty was hired as the property manager and selected Cushman & Wakefield’s Todd Oliver and Drew Greenspan as leasing reps.
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