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The Pleasanton Gateway Shopping Center has been purchased for $79.1 million, nearly $15 million below its assessed value, according to county data.
Sterling United Properties is the center’s new owner, according to documents filed Oct. 1 with the Alameda County Clerk-Recorder’s Office.
Those documents include a deed transfer that shows the company, an affiliate of the Florida-based real-estate investment firm Sterling Organization, paid $87,010 in a documentary transfer tax. That one-time tax is paid when real estate changes ownership. In Alameda County, the tax is $1.10 per $1,000 of the property’s conveyed value, according to the county Clerk-Recorder’s Office.
The 128,275-square-foot shopping center is located near Interstate 680 at the intersection of Valley and Bernal avenues. It houses several big-name tenants, including its two anchor stores: Safeway, which occupies about 59,000 square feet, and CVS, which takes up a little over 14,000 square feet.Â
The sale price was about 16% lower than the center’s assessed real property value of $94 million as of July, according to data from the county assessor’s office.
“The center is anchored by a high-performing Safeway, with a deep and diverse tenant roster including CVS, Wells Fargo, Mike’s Bikes, The Habit Burger Grill, Panda Express and Starbucks,” the Sterling Organization website states. “The trade area boasts exceptional demographics, with an average household income of nearly $260,000 within a three-mile radius.”
According to a 2013 article in the Pleasanton Weekly, a former developer planned to build eight four-story office buildings on the property but later backed off due to the recession. Part of the land was later bought by Safeway, which then took over and developed the center.
The Sterling Organization’s website lists only one current tenant vacancy, but when visiting the center, a Weekly reporter found two empty storefronts.
