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.
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