(EDITOR’S NOTE: According to public records, the Bayfair Center sold for $57 million. Property records show that the sale consisted of two parcels, one which sold for $1.47 million, and another that sold for $55.53 million.)
San Francisco, CA — Newmark announces the closing of Bayfair Center, a 42-acre regional mall located immediately on BART in San Leandro. The property offers the ability to redevelop a large portion of the site into a dynamic life science mixed-use campus.
Newmark Vice Chairman and Head of Retail Capital Markets for Northern California Nicholas Bicardo, Executive Vice Chairman and President, Western Region Capital Markets Steven Golubchik, Senior Managing Director Jonathan Schaefler, Director Darren Hollak and Associate Director Cheyne Bloch represented the seller, Madison Marquette. The buyer was B3 and GAW Capital Partners.
“Bayfair Center represents one of only a handful of sites in the Bay Area that offer this type of scale and connectivity, making it one of the best covered land play opportunities on the West Coast,” said Bicardo. “Over the next five years, the buyer has the opportunity to unlock significant value through reconfiguring the existing improvements and incorporating alternative uses on the site.”
Located at 15555 East 14th Street in San Leandro, Bayfair Center was 91% leased at the time of sale and anchored by Target (NAP), Century Theaters, Macy’s, Kohl’s, Bed Bath & Beyond, ULTA, Old Navy, 24-Hour Fitness and PetSmart. The 42-acre property includes one main mall building and ﬁve outparcel buildings with a total of 816,771 leasable square feet.
Bayfair is uniquely positioned at the intersections of East 14th Street (Route 185), Hesperian Boulevard and Fairmont Drive, equidistant between Interstate 880 and Interstate 580, the two primary highways connecting San Francisco to Silicon Valley and the greater East Bay. The centralized location adjacent to major freeway junctures combined with immediate BART access provides the transit infrastructure conducive to a myriad of alternative uses including Good Manufacturing Practice (GMP), R&D, industrial or residential.
As relentless demand for life science space continues to outpace existing supply, the sector continues to be a top performer in the Bay Area market. The San Francisco life science market currently has over 3.8 million square feet of demand encompassing 78 active tenant requirements. Of those active requirements, 24 are earmarked for East Bay life science product, representing over a million square feet, more than 50% of which is for spaces larger than 50,000 square feet.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle.
Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world.