NAI Closes Bay Area Shopping Center Sale
- Jul 06, 2017
NAI Northern California arranged the $13.6 million sale of Newark Square Shopping Center. The Bay Area office of NAI Global represented both the buyer and the seller of the 50,047-square-foot center in this off-market transaction.
Key location lures tenants
Located at 5510-5650 Thornton Ave. on a 5.1-acre site, the six buildings expand across three separate parcels. Built in 1960, the center boasts ample parking and prominent signage and hosts 26 tenants with below-market rents and long-term NNN leases. Tenants include franchises such as Taco Bell, Carl’s Jr. and Check Center, which occupy their own separate retail pads, as well as Subway and Round Table Pizza.
The property is less than one mile away from Interstate 880 and the intersection of Thornton and Cedar, which have an average daily traffic count of 21,548 cars. The asset is located in an area with more than 160,000 people within a three-mile radius with an average household income of $115,000.
“The property is a neighborhood center with services that cater to the daily needs of the local population. With the projected continued growth of the Fremont-Newark corridor, it is expected that demand for these services will increase as the area draws more residents to its relatively affordable housing and its easily accessible location,” said the company’s Vice President Mary Alam in prepared remarks. Alam and Investment Advisor Joshua Ballesteros represented both buyer and seller.
Image courtesy of NAI