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31045 - 31091 Mission Boulevard - Fairway Park Shopping Center - Fairway Park Shopping Center, Hayward, CA

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31045 - 31091 Mission Boulevard - Fairway Park Shopping Center - Fairway Park Shopping Center

Hayward, CA 94544-7601 - E Hayward/Castro Valley Submarket


Property Type:Retail Sub Type:Freestanding Status:Existing , Renov 1991 Year Built:1955
Building Size:21,835 SF Land Area:12.2 AC (531,432 SF)
For Sale Price:For Sale Price/SF:-
Cap Rate:-
Portfolio:This property is for sale as part of a portfolio of 4 properties. Parking:Free Surface spaces are available; Ratio of 9.09/1,000 SF
Features:Pylon Sign


East Bay Business Times - April 23, 2007

'50s-era Hayward shopping center to get $5M face-lift
East Bay Business Times - April 20, 2007
by Jessica Saunders
Fowler Property Acquisitions of San Francisco plans to pour about $5 million into renovating 52-year-old Fairway Park Shopping Center in south Hayward, giving it a new facade and improved roofing, parking and lighting.
Fowler is seeking a regional grocer to fill the 34,600-square-foot anchor space where Albertsons closed last fall, said FPA Vice President Robert Jordan. The spot represents 26 percent of Fairway Park's approximately 35 percent vacancy. Jordan said the occupancy is in the high 60 percent range.
Fairway Park, at 31123 Mission Blvd., was built in 1955 and last renovated in 1991. Fowler plans to develop a new facade, fix roofs, heating and cooling systems, upgrade the parking lot and improve the lighting, Jordan said. The developer is in preliminary discussions with the city, and hopes to get approval to start construction within three months.
FPA paid Fairwood Management LLC $20 million for the 138,368-square-foot property reflecting a 5.1 percent cap rate and a value of about $144.54 a square foot, said Dan Wald, managing director and partner of NAI BT's Investment Services Group. The deal closed March 22.
The seller, Fairwood Management LLC, represented relatives of the original developer of the shopping center and nearby homes, Wald said.
He and Dave Nord of NAI BT, along with Mark Koenig and John Schaefer of Terranomics, represented both buyer and seller. Fowler will spend around $3 million on capital improvements and another $2 million on tenant improvements,


HFF
Eric Kathrein
(415) 276-6300




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