Bohannon Sells Stake in Hillsdale Shopping Center to Northwood Investors for $257MM

Hillsdale Shopping Center The Bohannon Companies San Mateo Northwood Investors

(EDITOR’S NOTE: According to public records filed with San Mateo County, Northwood Investors purchased a stake in the 1.3 million square foot shopping center on December 2nd, 2021 for $256.9 million. Representatives for Bohannon did not disclose the amount of equity that Northwood purchased. The San Jose Mercury News was first to report details of this transaction.)

Agreement Supports and Extends Ongoing Transformation Effort to Re:Imagine Hillsdale and to Improve Leasing and Operations in Current Retail Market

SAN MATEO, Calif. — The Bohannon Companies announced today a new strategic partnership with global real estate investment firm Northwood Investors LLC (“Northwood”) to support and extend the Bohannon family’s vision and work with the community to guide the future of Hillsdale Shopping Center, which has served the San Mateo community for more than seven decades, and to improve mall leasing and operations in the evolving retail environment.

The partnership will manage and operate the 47-acre shopping center that offers more than 120 specialty stores and restaurants. Northwood, through its Northwood Retail platform, will utilize its national profile and tenant relationships to improve the property in the changing retail landscape.  Hillsdale Shopping Center’s management team have transitioned to Northwood Retail and will continue in their existing roles, bringing their deep local experience and knowledge to the partnership.

Of critical importance to the shopping center is the ongoing effort to Re:Imagine Hillsdale, launched in December 2019 with an invitation to the San Mateo community to share priorities as the Bohannon family contemplates the next era for Hillsdale. The partnership’s formation brings additional experience and expertise to this effort, and all parties are aligned in the need to re-envision the center in partnership with the community for the future, focusing on the shared values and needs of the City of San Mateo.

“We are committed to continuing our family’s relationship with this property and its service to the San Mateo community as we have done for the past 75 years,” said David D. Bohannon II, president and CEO of the David D. Bohannon Organization. “This partnership with Northwood will preserve that legacy and strengthen our ability to ensure Hillsdale can serve an even greater purpose for this community in the decades ahead. Most importantly, it protects the process of implementing our evolution in collaboration with San Mateo. Northwood understands that Hillsdale is not only our family’s legacy – it’s San Mateo’s legacy as well.”

“Northwood is grateful for the opportunity to partner with the Bohannon Companies on Hillsdale Shopping Center.  We are excited to bring our mixed-use capabilities to Hillsdale and look forward to a long relationship with the Bohannon family and the community of San Mateo. The property continues to be a vibrant presence on the Peninsula, with attractive modern offerings and a loyal customer base. With a long-term strategy to meet the evolving needs of the community, customers, and tenants, we are confident that Hillsdale Shopping Center will continue its meaningful presence in the city for years to come,” said Brady Thurman of Northwood Investors.

About The Bohannon Companies 
The Bohannon Companies develop, maintain, and manage retail, office, and research and development (R&D) properties throughout the Bay Area.  The Bohannon family has represented innovative land use and real estate development on the Peninsula since 1928. The Bohannon Companies are committed to delivering responsible real estate projects that meet the needs of their tenants and the surrounding community, and known for managing their portfolio personally.

In 1962, The Bohannon Companies set a standard for super-regional shopping centers with Hillsdale Shopping Center, today a leading San Mateo shopping destination that offers more than 120 specialty stores and restaurants. Tenants include anchors Nordstrom, and Macy’s as well as specialty shops H&M, White House Black Market, Trader Joe’s, Michael Kors, Pandora, LEGO®, and more. Additionally, the shopping center offers several restaurants including Palette Tea Garden, MidiCi The Neapolitan Pizza Company, Yayoi Japanese Teishoku, Paul Martin’s American Grill, The Cheesecake Factory, and California Pizza Kitchen. Hillsdale Shopping Center is located at Sixty 31st Ave. in San Mateo, Calif., off Hwy 101. For more information visit

About Northwood 
Northwood Investors LLC is a privately held, real estate private equity firm that owns and operates real estate across the US and Europe. The firm currently manages approximately $8 billion of investor capital. Northwood’s flagship fund seeks to opportunistically acquire well-located real estate with a plan to create value through hands-on asset management. Northwood is vertically-integrated with in-house operating teams across the office, multifamily, retail and hospitality sectors. Please visit for more information.

Northwood Retail was established by Northwood Investors, a privately held, global real estate investment and management firm. The platform currently leases, manages, and markets a portfolio of community and mixed-use properties across the United States with a concentration in California, Texas, Colorado, North Carolina, and South Carolina. Built upon strong, fundamental real estate principles, Northwood Retail is focused on creating value at each project through a disciplined approach to leasing, development, property management, and marketing. To learn more about the company and its unique properties, visit

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