A joint venture between Western Avenue Capital and Denver firm Northstar Commercial Partners has sold the Foothill Square Shopping Center, a 116,609-square-foot retail center located near Interstate 580 in Oakland.
The financial terms of the transaction weren’t disclosed. The asset went into contract with a last asking price of $32.8 million, according to a listing from brokerage firm JLL. The buyer is currently unknown.
The property, which is 95.2 percent occupied, is shadow anchored by grocery store Foods Co. The store, which is owned by supermarket chain Kroger, bought its space in the complex for about $18 million in 2014. Other tenants in the complex include Ross Dress for Less, Wells Fargo, Shoe Palace, Carl’s Jr. and Rainbow. Most of the tenants in the property are under long-term leases. According to the listing, 67 percent of the complex’s gross leasable area is under leases that expire in 2024 or later.
Western Avenue and Northstar bought the Foothill Square property in 2016. The shopping center was built in 1962 and was renovated and expanded between 2013 and 2016.
Western Avenue Capital, which is based in Los Angeles, has a portfolio that consists mostly of retail properties across Los Angeles. This includes the Pacific View Shopping Center in San Pedro, a BMW dealership in Beverly Hills and the Town & Country Shopping Center in La Brea, according to its website. The firm is also building a 180-unit apartment complex at 2340 West Venice Boulevard in the Los Angeles neighborhood of Arlington Heights.
The Foothill Square property was the first acquisition for Northstar Enterprise Opportunity Fund I. The fund, Northstar’s vehicle for the acquisition of distressed and value-add properties, had a fundraising target of $350 million, previous reports show.
JLL, the firm that brokered the transaction, didn’t immediately respond to a request for comment.