JLL Capital Markets closed the $40.45 million sale of Franciscan Center and Mohave Center, both located in Fremont, California.
News release
13 April 2023
Grocery-anchored retail center in Fremont, CA trades for $40.45M
Your browser doesn't support speech synthesis.
Listen to article •
Read time: 1 sec
IRVINE, April 13, 2023 – JLL Capital Markets announced today that it has closed the $40.45 million sale of Franciscan Center, a 106,840-square-foot retail center, and Mohave Center, a 10,228-square-foot strip center, located in Fremont, California.
JLL represented the private seller in the singular transaction of both assets. Sterling Organization acquired the two properties.
The properties are located in a very attractive submarket of the Bay Area and featured a total occupancy of 92%. Notable tenants among the centers include Safeway, Taco Bell, KFC, Burger King, Bank of America and 7-Eleven. Additionally, Franciscan Center is well positioned to the adjacent Tesla Fremont Factory.
Franciscan Center is located at 46690-46850 Warm Springs Rd., and Mohave Center is located at 46650 Mohave Dr. The centers benefit from their central location in Fremont, allowing easy access to the entire bay area. Given its proximity to major freeways, business parks and affluent neighborhoods, the centers gain significant exposure to traffic from both visiting and repeat visitors. The average household income within three miles is $171,207.
“It’s extremely rare to work with original owners dating back half a century. We are thrilled to represent the seller in the disposition of their last owned real estate and happy to work with Sterling Organization on our second transaction in the past 12 months,” Lvovich said.
"Grocery-anchored retail continues to drive very strong demand and pricing in today’s market. Franciscan center presented a unique opportunity for a buyer to acquire a well-performing center with immediate upside and growth,” said Tyner.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Director Gleb Lvovich, Senior Director Daniel Tyner and Managing Directors Geoff Tranchina and Eric Kathrein.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Sterling Organization
Sterling Organization is a vertically integrated, private equity real estate firm headquartered in West Palm Beach, FL. Their platform currently focuses on 3 distinct investment strategies (1) Value-Add retail real estate, (2) Core, Grocery-anchored retail real estate, and (3) LAST HOUR® consumer fulfillment and distribution real estate. Sterling Organization currently owns 73 properties in major markets throughout the United States that exceed 12.3 million square feet and is approaching $2.8 billion in value.