One of the first malls in the East Bay recently sold and could be redeveloped.
Bayfair Center in San Leandro was purchased for $57 million by B3 and Gaw Capital Partners. City documents examined by the Mercury News show the area is being studied for a potential transformation into a mixed-use campus featuring homes, offices and retail.
No closure date for the mall has been announced.
Newmark, which represented the seller, announced the transaction in a press release in July. “Bayfair Center represents one of only a handful of sites in the Bay Area that offer this type of scale and connectivity, making it one of the best covered land play opportunities on the West Coast,” said Nicholas Bicardo, Newmark’s vice chairman and head of retail capital markets for Northern California. “Over the next five years, the buyer has the opportunity to unlock significant value through reconfiguring the existing improvements and incorporating alternative uses on the site.”
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Bed Bath & Beyond, which has been closing stores across the country, announced the termination of its San Leandro store, within Bayfair Center, last month. An employee reached in September at that store said she was told it would close in December.
Neither B3 nor Gaw Capital Partners could be reached for comment as of publication. Bayfair Center opened in 1957, built on the former site of the Oakland Speedway racing stadium. The 42-acre site has included tenants like Macy’s, Old Navy, PetSmart, Cinemark and 24 Hour Fitness. The Shops at Tanforan, located near the San Bruno BART Station, was purchased earlier this year with plans to build office space and at least 1,000 homes on the site.
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October 21, 2022 at 05:48AM
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San Leandro's Bayfair Center mall sold, could be redeveloped - SFGATE
"sold" - Google News
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