LAFAYETTE — Two retail facilities at prime areas within the East Bay metropolis of Lafayette have been purchased by a veteran actual property funding agency from the Midwest in a deal that tops $100 million.
La Fiesta Sq. and Lafayette Mercantile had been bought by associates managed by SITE Facilities, an actual property funding belief, in accordance with paperwork filed on Might 3 with the Contra Costa County Recorder’s Workplace.
Ohio-based SITE Facilities paid a mixed $103.2 million for the 2 Lafayette retail facilities, the county public data present.
The offers recommend that traders nonetheless starvation for retail facilities at selection areas within the Bay Space.
The 2 Lafayette complexes had been offered by associates managed by Stephen Cortese and Ann Cortese, in accordance with the general public data. The pair are the highest executives with Cortese Properties, state enterprise filings present.
On Might 4, sooner or later after promoting the Lafayette properties, the Cortese-controlled associates purchased an enormous tech and superior manufacturing constructing in North San Jose whose tenant is battery maker QuantumScape.
The Cortese agency paid $103.8 million for the San Jose web site at 1710 Automation Parkway and obtained a $45 million Wells Fargo Financial institution mortgage to finance the acquisition of the constructing, Santa Clara County data present.
La Fiesta Sq., which totals 74,300 sq. toes and consists of 5 retail buildings, was purchased by SITE Facilities for $60.7 million.
Lafayette Mercantile, which totals 56,600 sq. toes and is a retail and workplace complicated, was purchased for $42.6 million.
Brokers Nicholas Bicardo and Steven Golubchik with Newmark, a business actual property agency, organized the property deal.
“This portfolio represented a once-in-a-generation alternative to realize fast scale by way of buying the dominant retail asset and finest mixed-use property two blocks other than one another in one of many Bay Space’s most prosperous neighborhoods,” mentioned Bicardo, a Newmark vice chairman.
SITE Facilities bought the 2 retail complexes in an all-cash deal, the county data present.
La Fiesta Sq. is “within the coronary heart of downtown Lafayette,” in accordance with Newmark.
Lafayette Mercantile options “marquee ground-floor retail” that provides “upscale meals, beverage and retail providers,” Newmark said.
Each properties are inside strolling distance of the Lafayette BART station, in accordance with Newmark. The retail facilities are additionally adjoining to State Route 24, a serious freeway that hyperlinks Oakland and Walnut Creek.
The standard of the facilities generated loads of consideration from potential patrons, in accordance with Newmark.
“We obtained vital investor curiosity from all sources of capital, together with institutional and personal,” Bicardo mentioned.