Retail investor makes long-term bet on Oakland – purchases Whole Foods for $44.4M
JLL Capital Markets led the sales efforts for the 57,218 SF free-standing store, which is the dominant grocer in the market
SAN FRANCISCO, Oct. 2, 2024 – JLL Capital Markets announced today that it has completed the $44.4 million sale of Whole Foods Bay Place, a 57,218-square-foot, free-standing grocery store in Oakland, California.
JLL represented the seller, Site Centers Corp. and procured the buyer.
Completed in 2007, Whole Foods Bay Place is a Class A retail asset fully leased to Whole Foods on a long-term basis. This location is the dominant grocer in the market and ranks in the 96th percentile of chain visits across the country.
The property is positioned on a 2.18-acre corner lot at 230 Bay Place, providing excellent visibility from three sides. The immediate area surrounding Whole Foods is densely populated being home to more than 289,000 residents within a three-mile radius. Given it’s location in downtown Oakland, the property is walkable to numerous multi-housing communities and is served by public transport nearby, including BART.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Directors Eric Kathrein, Geoff Tranchina and Gleb Lvovich and Director Warren McClean.
“We love bright spots to the Oakland story, and this investor was able to understand the quality of this location and make a great strategic bet,” Kathrein said.
“This Whole Foods ranks top among it’s 22 locations throughout the Bay Area and with 12 years of lease term is a great acquisition with irreplaceable credit” Tranchina added.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About SITE Centers Corp.
SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.