Federal Realty Buys East Bay Bridge Shopping Center for $53.7M in Cash
Federal Realty Investment Trust (NYSE: FRT) today announced the acquisition of East Bay Bridge shopping center, a 438,000 square foot, grocery-anchored power center spanning two municipalities, Emeryville and Oakland, California. The Trust paid cash consideration of $53.7 million and assumed an existing $62.9 million mortgage loan secured by the property.
East Bay Bridge is anchored by a 60,000 square foot Pak 'N Save by Safeway supermarket, 140,000 square foot Target, and 100,000 square foot Home Depot, with 14 additional retailers including Sports Authority, Michael's, Pacific Sales Kitchen and Bath, and Office Max. The property was constructed in 1994, and sits within a larger mixed use site of 50 acres with additional retail, a hotel, and an apartment complex. East Bay Bridge is located at the intersections of three major highways, I-80, I-580 and I-880 and spans ten city blocks along 40^th Street with over 2,800 feet of freeway visibility and 3,300 feet of street frontage along 40^th Street. The property's dominant location, along three major highways, boasts significant daily traffic counts of 216,000 cars per day to the south on I-580 and 288,000 cars per day to the west along I-580/I-880 with those counts expected to grow once the expansion of the Caldecott Tunnel is completed in 2013.
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