Newmark has announced the sale of Westgate Center located at 1933 Davis Street in San Leandro. The property is a unique 586,407-square-foot grocery-anchored mixed-use asset that comprises 361,132 square feet of retail space with 225,275 square feet of flex office and prototyping space.
Newmark’s Vice Chairman Nicholas Bicardo, Managing Director Brandon Rogoff and Vice Chairman Grant Lammersen represented the seller SKB and WHI Real Estate Partners in the transaction to a global private equity firm based out of New York.
In the 1950s, Westgate Center was originally an automobile manufacturing facility. Today, Westgate Center has reinvented itself into a regional shopping center with best-in-class retailers on the ground level and incubator office and manufacturing space on the second level.
“The property’s size, location, and favorable zoning allow it to cater to a multitude of different users and evolve over time with ever-changing shopping and office working habits. This is a rare combination of attributes for an asset, which was one of the reasons the buyer was attracted to this opportunity,” said Rogoff.
“Westgate Center was a very unique opportunity to acquire 20 plus acres of prime real estate along the 880 Corridor in a market that still has tremendous growth prospects. In addition, the stable retail line-up on the ground floor and alternative uses on the second level provide optionality that is highly sought after when acquiring real estate of this scale,” said Bicardo.
The retail segment is anchored by Walmart with a lineup that includes Home Depot, Ross Dress for Less, Burlington, and Dollar Tree. The second level, branded as Gate510, caters to the region’s creative “maker” community fostering an environment for entrepreneurs and creators to collaborate, invent, work and manufacture.
Westgate Center is located in a strong region as the Bay Area’s employment base is growing three times the national average and is well positioned to continue to support the dynamic and innovative uses within Westgate Center.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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