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Stratford Village Retail Center, 1641-1645 Industrial Parkway West,
Hayward, CA sold for $12.95 million
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EAST BAY AREA, CA – Levin
Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S.
specializing in wealth management through commercial real estate investments,
has successfully directed two property sales totaling $23.45 million in the
East Bay Area of San Francisco, California.
The properties include a 40,852
square-foot retail center in Hayward, California, and a 34-unit apartment
community in San Leandro, California.
“We anticipate continued robust
activity in the East Bay’s multifamily and retail markets due in part to
increasing job growth in Alameda and Contra Costa counties,” explains Adam
Levin, Senior Managing Director of Levin Johnston.
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The 34-unit Maubert Apartments, 15977 Maubert Avenue
San Leandro, CA
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The transactions include:
$12.95 Million Acquisition of
Stratford Village Retail Center
Levin Johnston of Marcus &
Millichap arranged the acquisition of a retail center in Hayward, California
for $12.95 million. Levin, Robert Johnston and Eymon Binesh
represented the private buyer in the transaction.
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| Adam Levin |
“East Bay’s retail sector finished
2008 with its lowest-ever overall recorded
vacancy rate at 4.2%,”
says Johnston, Senior Managing Director of Levin Johnston. “The outlook on this
market is positive, with strong occupancy and rental rates in new and high-quality
assets.”
Johnston adds that this property
was meticulously maintained by its original developer since its construction,
which augmented its appeal. “The buyer sold two multifamily properties to
exchange into this property and significantly increased their cash flow,” says
Johnston.
Stratford Village Retail Center is
a 100% leased, high-profile, asset with a strong credit-tenant roster that
includes Starbucks, Subway, Fremont Bank, Straw Hat Pizza, DaVita Inc., Select
Staffing, CosmoProf, and Manheim, Inc.
A majority of the tenants have significant tenure at the property,
and lease rates are below market value, creating upside for the buyer.
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| Robert Johnston |
Originally constructed in 2003 and
2004, Stratford Village Retail Center provides convenient parking and is well
located, with tremendous frontage on Industrial Parkway West. The center offers
strong access to Oakland, Silicon Valley, San Francisco, and Palo Alto via
I-880.
The property is situated in a
dynamic, underserved location at 1641-1645 Industrial Parkway West in Hayward,
California.
$10.5 Million Sale/Acquisition
of The Maubert Apartments
Levin Johnston also directed the
sale of a 34-unit apartment community at 15977 Maubert Avenue in San Leandro, CA.
Levin and
Johnston represented the buyer and the seller, both local apartment owners in
the Bay Area.
“This transaction demonstrates
continued strength in the East Bay multifamily investment market,” says Levin.
“Driven by excellent employment fundamentals and low vacancy in San Francisco,
the East Bay continues to attract renters from throughout the region.”
Levin also notes that the City of
San Leandro has emerged as a hub for technology and economic growth.
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| Eymon Binesh |
“Since July 2017, more than $113
million in construction projects have been permitted in the region, including
the Marina Gateway Center, San Leandro Tech campus and Westlake Urban’s San
Leandro Business Center, among others,” Levin explains.
“This asset delivers a
tremendous opportunity for growth in equity as capital investment in the region
increases.”
Situated on an expansive parcel
totaling 1.38 acres, the property is centrally located, giving residents easy
access to employment opportunities throughout the Bay Area via Interstates 580
and 880, two San Leandro BART stations, and several area bridges. The asset is
also in close proximity to high-tech companies such as Facebook, Google, and
Tesla, among others.
The Maubert Apartments is a
garden-style apartment community comprised of four buildings that offer a mix
of two-bedroom, two-bathroom and one-bedroom, one-bathroom flats. Amenities
include a gated and secured entryway, private balconies, assigned covered
parking, and on-site laundry.
In 2018, Levin Johnston of Marcus
and Millichap successfully directed 55 transactions totaling over $700 million
in the Bay Area market.
To learn more about the firm’s
$100 million in available properties, please visit: www.levinjohnston.com.
Contacts:
Alex Caswell / Jenn Quader
Brower Group
(949) 955-7940
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