Western Avenue Capital, Northstar Enterprise Opportunity Fund I Buy Oakland Shopping Center
Western Avenue Capital and Northstar Enterprise Opportunity Fund I (NCP Enterprise) just acquired Foothill Square Shopping Center in Oakland. The 120k SF retail center was developed in 1962 and underwent extensive renovations from 2013 to 2016. The JV plans to stabilize the property for the long term. This JV is the first investment of the recently launched NCP Enterprise.
Foothill Square is next to I-580 off Foothill Boulevard and is the only major grocery-anchored retail center with direct freeway access for eight miles south and four miles north. The property is 95% leased to national and regional tenants, including FoodsCo, Ross Dress for Less, Wells Fargo, Davita, Rainbow and a Head Start school, as well as multiple leases negotiated during the acquisition period.