Likely Redevelopment Target In San Leandro Sells For $57M
Portions of the Bayfair Center, a shopping mall at 15555 East 14th St. in San Leandro, sold for $57M to the San Leandro JV, an affiliate of real estate executives Peter Lennon and Adam Goldenberg.
The site includes several retailers, including PetSmart, Starbucks, Macy’s and Kohl’s. The San Leandro JV also obtained a $28.5M loan from Loan Oak Fund for the purchase, according to the Mercury News.
The affiliate did not purchase the entire property, as a Target location on-site is owned by Target Corp. and was not available for purchase.
Planning documents for the city’s Bay Fair Transit-Oriented Development Specific Plan, show that the 65-year-old Bayfair Center might be part of a massive redevelopment into a mixed-use complex, with a focus on ease of access to public transit, though the project is still in the early stages.
Of the several potential areas of the prospective plan, which includes the Bay Fair BART Station and a Lucky Supermarket owned by RMP Properties, the Bayfair Center is the largest parcel in the planning area. The Bay Fair redevelopment project is part of the city’s 2035 General Plan, which guides prospective development plans over the next decade.
The planning document shows additions to the East 14th Street corridor, stating, “The City of San Leandro and Alameda County, respectively, have established plans for the segments of the East 14th Corridor that are adjacent to the Bay Fair project area, extending for several miles in either direction."
