Jackson Square shopping center in Hayward, CA, has sold for $32.5 million. Terramar Retail Centers, LLC, sold the prominent ±114,220 square foot grocery and drug-anchored shopping center to ROIC California, LLC, a subsidiary of Retail Opportunity Investments Corporation (NASDAQ:ROIC). Jackson Square is anchored by Safeway, CVS and 24 Hour Fitness and was 100% leased at the time of sale. Attractive in-line tenants include Starbucks, Chase Bank, Round Table Pizza and Patelco Credit Union. Located at the southwest corner of W. Jackson Street and Amador Street, Jackson Square is strategically positioned directly along heavily traveled California State Route 92 (W. Jackson Street), providing excellent regional visibility and access. Adding to the appeal of the center is the new residential growth in the immediate trade area. Jackson Square received more than 15 offers and closed in less than 30 days at the original contract price, quickened by ROIC’s smooth transactional execution. The Wald-Kathrein-Sharp Team, a retail investment team with DTZ led by Dan Wald and colleagues Eric Kathrein and Justin Sharp, represented the seller in the transaction.
“With its premier, central location, strong tenancy and its growing primary trade area, Jackson Square Shopping Center stands out as Hayward’s leading grocery-anchored neighborhood shopping center,” said Mr. Wald.
“Jackson Square provides an investor a stable and growing income stream from a center serving a growing community’s ‘daily needs’ shopping requirements,” added Mr. Sharp.