Trophy retail center trades for an impressive $127M in San Mateo
JLL Capital Markets facilitates sale of premier community retail center on the San Francisco Peninsula
SAN FRANCISCO, Jan. 8, 2025 – JLL Capital Markets announced today that it has secured the $127 million sale of Bridgepointe Shopping Center, a trophy 231,700-square-foot community retail center in San Mateo, California.
JLL represented the seller, Nuveen Real Estate, and procured the buyer, a joint venture between Sterling Organization and Cohen & Steers. JLL also financed the acquisition on behalf of the buyer.
Bridgepointe Shopping Center, originally developed in 1998 and recently renovated in 2023, spans an impressive 23.7 acres. The center features a stellar tenant mix including Ross Dress for Less, Marshalls, Nordstrom Rack, Total Wine & More, Chick-fil-A, Five Below and the Container Store, contributing to its impressive 100% occupancy rate. The trophy community center is further enhanced by shadow anchors Target and The Home Depot, which rank among their companies' top-performing locations nationally.
Bridgepointe Shopping Center is strategically positioned along Hwy-92 with 1,400 linear feet of frontage, exposing the center to over 155,000 vehicles per day. The premier center benefits from its proximity to major employment hubs and residential areas, ensuring a strong daytime population and consistent customer base.
San Mateo, situated in the highly desirable Silicon Valley submarket, boasts robust demographics with average household incomes exceeding $196,000. The San Francisco Bay Area, renowned for its thriving technology and biotech industries, continues to attract top talent and major corporations, contributing to the region's economic strength and long-term growth potential.
JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Managing Directors Eric Kathrein and Daniel Tyner, Senior Managing Directors Geoff Tranchina and Gleb Lvovich, Director Warren McClean and Senior Managing Director Danny Finkle.
“The sale of Bridgepointe Shopping Center underscores the continued investor appetite for well-positioned, high-quality retail assets in prime locations," said Kathrein. "This trophy property's exceptional tenant mix, coupled with its strategic location in the heart of the San Francisco Peninsula, makes it a valuable addition to Sterling Organization's portfolio.
“Strong performing big box retail with high quality national credit tenancy continues to demand robust interest from investors across the West Coast,” added Tyner. Bridgepointe Shopping Center’s excellent fundamentals and demographics make this one of the best performing centers in the greater San Francisco Bay area.”
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 111,000 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 Nuveen Real Estate
Nuveen, one of the world's largest asset managers, serves institutions and individual investors across more than 30 countries with expertise spanning the capital structure. As the investment manager of TIAA, Nuveen leverages its 100-plus year legacy of service and innovation, offering award-winning capabilities in income generation, alternative investments and responsible investing through a network of specialized investment teams.
About Sterling Organization
Sterling Organization is a vertically integrated private equity real estate firm with a national platform focused on investing in retail, LAST HOUR® consumer fulfillment and distribution real estate assets across the risk spectrum in major U.S. markets. Headquartered in West Palm Beach, FL, with offices nationwide, Sterling Organization leverages its expertise to identify and capitalize on diverse real estate opportunities.
About Cohen & Steers
Cohen & Steers is a renowned global investment manager with a focus on liquid real assets such as real estate securities, listed infrastructure and natural resource equities, along with preferred securities and diverse income solutions. Established in 1986 and headquartered in New York City, the firm extends its expertise across international offices in London, Dublin, Hong Kong, Tokyo and Singapore.