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June 29, 2010

East Bay retail sites attract buyers

By George Avalos, Contra Costa Times

Some retail sites in the East Bay, many of them long empty, are starting to entice buyers and tenants — but the price has to be right.

Buyers have snapped up retail properties in Pleasant Hill, Fairfield, Dublin and several other sites in the Bay Area recently.

Among the latest deals: A partnership controlled by Westfield Group bought an 88,000-square-foot building in Fairfield that had been occupied by Mervyn's and which is located next to the Westfield-owned Solano Shopping Mall. The Fairfield purchase closed June 23. Terms weren't disclosed.

A group led by Retail Opportunity Investments Corp. bought a 71,000-square-foot retail center in Pleasant Hill for $13.7 million. The center on Buskirk Avenue between Mahew Way and Coggins Drive is anchored by Office Depot and Basset Furniture. A Best Buy anchor store owned by a different group serves as another major store for the center.

The common theme in a number of the deals: In a lousy economy, buyers believe they are getting a great price for many retail properties.

Complete article can be found at: http://www.contracostatimes.com/business/ci_15395740?nclick_check=1

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