AEW Snaps Up Alameda Shopping Center for $48.5M
The Bridgeside Shopping Center on Alameda Island, located at 2671 Blanding Ave, is central to several affluent neighborhoods. Colliers SVP Kevin Van Voorhis (here fishing in Idaho last month) says well-maintained, well-located centers are solid, long-term investments, but there's a real lack of supply. Kevin repped the seller, Cornerstone Real Estate Advisers, acting on behalf of an investor fund. Kevin shared the listing with Henry Englehart in Walnut Creek and El Warner in Los Angeles.
There were 13 bids for the five-building, 105k SF East Bay center anchored by Nob Hill Foods and Pet Food Express. The brokers say the interest shows that demand is growing among investors for Class-A grocery-anchored shopping centers even as supply is scarce.
While Colliers did not disclose the price, CoStar has the sale price in the all-cash transaction at $48.5M. AEW purchased the property on behalf of one of its separate account investors. In 2007, Cornerstone Real Estate Advisers acquired the center, then newly developed, for $40.5M.
Colliers' El Warner says the time seems right for these types of sales, likening this deal to the sale of the Gateway at Burbank in June, which also had more than a dozen bids and landed the highest price paid for a Class-A grocery-anchored center since 2007 in Los Angeles. Gateway at Burbank, a 74k SF center, sold for $49.6M.