About 200 parties showed interest in Bridgepointe, leading to 25 offers for a total of around $2 billion, says Michael Federle, a senior vice president in Grubb's institutional investment group who worked on the deal. Nicholas Bicardo, a Grubb associate, was also involved in the transaction.

Bed Bath & Beyond, Home Depot, Petco and Target are among the center's anchor tenants. The seven-year-old center is 92% leased. Bridgepointe is part of a 75-acre master-planned community, which is adjacent to 60 million sf of office parks in the mid-Peninsula area.

Earlier this month San Francisco-based SPI Holdings and a partner acquired two Nevada ShopKo stores for an undisclosed amount. In October the firm refinanced a 148,832-sf center in San Francisco for about $50 million. SPI owns a diversified portfolio of about four-million sf.