Benderson Development Grabs Bay Area Retail Asset
- Aug 31, 2018
Benderson Development has acquired an approximately 44,281-square-foot vacant retail building in the East Bay area for $15.6 million from Toys “R” Us. The now-defunct toy retailer shuttered its doors, along with the attached Babies “R” Us location, at the address earlier this year.
Located at 3938 Horton St. in Emeryville and Oakland, Calif., the structure is close to a wide variety of other retail properties, including the neighboring 439,000-square-foot East Bay Bridge shopping center, owned by Federal Realty Investment Trust. Interstates 80, 580 and 880—each with an estimated average daily traffic count exceeding 200,000—intersect nearby.
The one-story building, constructed in 1994, joins a number of other Bay Area retail properties in the company’s portfolio, including a Safeway purchased late last year in Oakland. In July, Benderson acquired a Costco store in the South Loop of Chicago for $17.1 million. The building is among the largest stores of the brand in the country, as it includes a gas station, tire center, optical center and a food court.
Image courtesy of Benderson Development