An Alameda retail center perched on the shores of the Oakland Estuary has been bought by an alliance of California-based real estate investors in a deal that topped $50 million.
Bridgeside Shopping Center, located at 2531 Blanding Ave., has been bought by DJM Capital Partners, which teamed up with its financial partner PGIM to complete the purchase.
DJM Capital paid $57 million for the shopping center, documents filed on June 16 with the Alameda County Recorder’s Office show.
“The diverse tenant mix includes anchor Nob Hill as well as essential needs, pet, medical, financial service, and restaurant tenants,” according to a press release from DJM Capital.
The center totals about 105,100 square feet, JLL, a commercial real estate firm, said in a marketing brochure.
DJM Capital bought the Bridgeside Shopping Center through an all-cash deal, the property records show.
The outbreak of the coronavirus has created a murky outlook for numerous categories of retailers.
However, retailers that offer vital products or services have been able to withstand the economic jolts that the deadly bug has unleashed to a greater degree than other merchants.
That’s the sort of retailer profile that DJM Capital Partners was seeking through its purchase of Bridgeside Shopping Center, the company said.
“DJM is expanding its portfolio of lifestyle- and grocery-anchored daily needs centers,” DJM stated, regarding the purchase of the center.