Gadsden Growth Acquires Bay-Area Asset for $240M
- Feb 13, 2019
Gadsden Growth Properties has acquired Mission Hills Square, a mixed-use development in the Bay Area that includes 158 residential units and 53,900 square feet of retail space, for $240 million in a combination of cash and stock.
Mission Hills Square is located at 2501 Cormack Road in Fremont, Calif., about a 45-minute drive from downtown San Francisco. The property is situated just off Interstate 680 and is also located near Interstate 880 and other major thoroughfares. The location is near a variety of shopping and dining options and is approximately 4.5 miles from downtown Fremont and 17 miles from downtown San Jose.
The mixed-use development is expected to be completed in October 2019 and will offer a mix of one-, two- and three-bedroom units that range in size from 850 to 2,100 square feet. The community will have an open-air courtyard with three sit-down restaurants planned.
“This acquisition is indicative of our core strategy of buying strong retail and mixed-use assets in secondary markets with robust economic and socioeconomic tailwinds,” said John Hartman, chief executive officer of Gadsden Growth Properties, in prepared remarks. “Fremont is a secondary city to both San Jose and San Francisco and is more affordable by Bay Area standards. We believe this asset significantly increases the Company’s NAV and enhances the overall quality of our portfolio.”
Two Bay Area properties traded for $19.9 million this week, including a 33-unit community in Redwood City, Calif., which sold for $10 million, and a 25-unit community in Mountain View, which traded for $9.9 million.
Image courtesy of Gadsden Growth Properties