SAN LEANDRO — A big East Bay shopping center has been bought for more than $80 million in a deal that suggests this type of Bay Area retail property can command robust real estate values.
Marina Square, a bustling outlet mall hub in San Leandro, was bought for $81 million, according to documents filed on June 23 with the Alameda County Recorder’s Office.
JH Real Estate Partners, an Orange County-based company that acted through an affiliate, bought the property, the county documents show.
The Los Angeles County Employees Retirement Association sold the outlet center, according to the real estate records. The public pension organization also acted through an affiliate.
Marina Square totals about 167,300 square feet, information posted on the LoopNet commercial property database shows.
The outlet center has addresses that range from 1201 through 1299 Marina Boulevard in San Leandro.
Marina Square commands top-level freeway visibility due to its perch next to ultra-busy Interstate 880. The shopping center is near the city limits of Oakland, the East Bay’s largest city.
“The center features a variety of popular retailers and restaurant chains,” according to a post on the Marina Square website.
Nordstrom Rack, Marshalls, Nike Outlet, GAP Factory Store, Ann Taylor Factory Store, Converse Clearance, Banana Republic Factory Store, and Sephora are among the major retailers that operate in Marina Square.
Panda Express, La Salsa Fresh Mexican Grill, Pieology and Starbucks are among the dining and beverage establishments in the outlet center.
An average of roughly 239,900 vehicles a day travel on Interstate 880 where the freeway intersects with Marina Boulevard. Marina Boulevard, just east of Interstate 880, which is the side of the freeway where the outlet mall is located, averages about 184,600 vehicles a day, according to the LoopNet site.
JH Real Estate, the buyer of the outlet center, owns several big retail properties, primarily in California, according to the company’s website.
The buying group also obtained a $56.5 million loan from City National Bank to finance the purchase of Marina Square, the Alameda County property files show.
The deal appears to point to rising values for the property. As of January 2024, the estimated value of Marina Square was $45.1 million, according to documents on file with the Alameda County Assessor’s Office.
