SAN LEANDRO — Several pieces of a major East Bay mall have been purchased by a real estate group that is also involved in revamping another shopping complex in Alameda County.
Large sections of the Bayfair Center, a longtime shopping center in San Leandro, were purchased by a group linked to two East Bay real estate executives – Peter Lennon and Adam Goldenberg, according to documents filed June 14 with the office of the Alameda County Registrar.
The investment firm, acting through an affiliate, paid about $57 million for parts of the Bayfair Center, located at 15555 E. 14th St. in San Leandro.
The sites that San Leandro JV, the subsidiary run by Lennon and Goldberg, have purchased include several high profile retailers as tenants.
Macy’s, Kohl’s Department Store, Century 16 Bayfair Mall, Bed Bath & Beyond, Old Navy, 24-Hour Fitness, Party City, Ulta Salon, PetSmart, Starbucks, Chili’s Grill and Bar and San Joaquin Valley College are among the major tenants operating on newly purchased sites, a filing with the county registrar’s office shows.
A Target store site was not involved in the purchase. Target owns its store at the Bayfair Center, according to documents released to the county assessor’s office.
San Leandro JV also secured a $28.5 million loan from the Loan Oak Fund at the time of the purchase, property records show.
B3 Properties, a group led by Lennon, is also involved in the revival of the West Gate Mall at 1933 Davis St. in San Leandro.
West Gate in San Leandro is a two-story former auto manufacturing center with larger retailers such as Home Depot, Ross Dress for Less and Dollar Tree.
West Gate’s upper floor has been converted into numerous spaces for tech startups, creative artists, and small industrial businesses.
At the Bayfair Center in San Leandro, purchased venues could be replaced and redeveloped, documents filed with city officials show.
San Leandro is actively considering whether it makes sense to turn part of the Bayfair Center into a mixed-use complex that could include homes, ground-level retail, office plazas and open space.
“A vibrant, mixed-use, transit-oriented business, commercial and residential destination ‘could sprout on the current Bayfair Center site,'” a city document says.
No specific plans have emerged for a redevelopment of the mall. Additionally, no timetable has been proposed for specific development work. The plans that have been considered by the city are preliminary efforts and conceptual in nature.
The Bayfair Center opened in 1957 with the launch of the Macy’s store as the main anchor at that time. In recent years, Bayfair has become more of a powerhouse retail center – with several big-box tenants – rather than a traditional indoor mall.
Now more changes appear to be in sight as San Leandro ponders the future of the mall and other areas near the local BART station.
“Developing and implementing a specific sustainable and dynamic Bay Fair transit-focused plan would allow San Leandro to come full circle in the comprehensive planning and transformation of the East 14th Street Corridor of the Bay Fair. city,” according to the municipal planning document.