Joint Venture Buys Portions of San Leandro Shopping Mall for $57MM 

San Leandro, Bayfair Center, Macy’s, Kohl’s, Century 16, Old Navy, Bed Bath & Beyond, 24-Hour Fitness, Party City, Ulta, PetSmart, Starbucks, Chili’s Grill and Bar, San Joaquin Valley College

By Catherine Sweeney

Portions of a shopping mall in San Leandro are being bought up, with a likely potential for redevelopment. According to reporting from the Mercury News, sections of the Bayfair Center have been purchased by an entity linked to East Bay real estate executives Peter Lennon and Adam Goldenberg. The sections of the property were purchased for a combined $57 million. 

The Bayfair Center is a longtime shopping mall located at 15555 E. 14th Street. The mall was first developed in the 1950s and is now home to a wide array of retail tenants. 

On the recently purchased sites, major tenants include Macy’s, Kohl’s, Century 16, Bed Bath & Beyond, Old Navy, 24-Hour Fitness, Party City, Ulta, PetSmart, Starbucks, Chili’s Grill and Bar, San Joaquin Valley College and several others.  

The mall is a short drive from both Interstates 580 and 238, near a number of other retail options. There is also a Target location attached to the mall that was not part of the joint venture’s $57 million purchase. 

Over the past several years, the City of San Leandro has been exploring the concept of turning the mall and its surrounding areas into a 154-acre transit oriented development due to its nearby access to the Bay Fair BART station. According to City documents, the plan would improve pedestrian and bicycle accessibility. The development would also likely include a mix of open space, residential, retail and office use. 

Plans for the redevelopment have been circulating at least since 2018, according to City documents. However, no specific plans or timelines have been announced for the conceptual project.

West Coast Commercial Real Estate News