By Meghan Hall
Part of a retail center in Oakland has been purchased by a pair of Los Angeles-based commercial real estate and development firms. At the end of January, Axiom Real Estate Investments and JMDB Holdings acquired about two-thirds of Foothill Square for $28.7 million, according to The Mercury News. The deal closed around January 20th.
The buyers also procured a $20.1 million loan to finance the deal. The loan was provided by the Israel Discount Bank of New York.
The asset is located at 10700 MacArthur Blvd. and underwent a major renovation in 2013. In total, it includes 187,500 square feet of space. The multi-tenant property was originally constructed in 1961 and totals 8.57 acres of land. The sellers, a joint venture of Western Avenue Capital and Northstar Enterprise Opportunity Zone Fund I LP purchased the asset at the end of 2016.
Current tenants at the property include East Oakland Health Center, Academy of Hawaiian Arts and others. The asset is also near Interstate 405 and State Routes 55 and 73. The buildings that Axiom and JMBD acquired total 115,000 square feet of space and are leased to a mix of tenants such as Ross, Shoe Palace Wells Fargo and Anna’s Linens, among others.
Axiom Real Estate Investments, founded in 1980, is a real estate investment and development firm whose main focus has been Los Angeles-based properties. Its portfolio includes assets such as The Coliseum Center in Los Angeles, Park Hills Medical Plaza in West Hills, Calif., and Imperial Clark Shopping Center in Downey, Calif.