Jones Lang LaSalle Inc.

10/02/2024 | Press release | Distributed by Public on 10/02/2024 08:45

Retail investor makes long-term bet on Oakland – purchases Whole Foods for $44.4M

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.

For more news, videos and research resources, please visit JLL's newsroom.

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.