SAN LEANDRO, CA-HFF has secured a $50 million refinancing for Bayfair Center, an 813,307-square-foot retail center in San Leandro, CA on behalf of Washington, DC-based investor, Madison Marquette Retail Enhancement Fund. The five-year, adjustable-rate loan was secured through Guggenheim Commercial Real Estate Finance.
“The outcome here represents a big win for our client, allowing them to recapitalize and finish the repositioning process on the property that was started when it was acquired,” explains HFF managing director Mark Remington, in a prepared statement. Remington worked alongside senior managing director Bruce Ganong.
Bayfair Center is located at 15555 E. 14th St. in the suburban East Bay community of San Leandro. Renovated in 2008, the property is a hybrid power center with an interior mall component.
Currently 97% leased, Bayfair Center serves a population of more than 825,000 within a 10-mile radius, with a median household income of more than $83,000, according to a prepared statement. Tenants include Macy’s, Target, Kohl’s, Staples, Old Navy, PetSmart, Bed Bath & Beyond, 24 Hour Fitness and Cinemark Century 16 Theater.
Madison Marquette is also well known for projects in Southern California, like in Los Angeles, where in 2011, the company unveiled plans for redeveloping 85,000 square feet of vintage 1930s buildings as District La Brea, an 11-building project at the site of the Continental Graphics building. The developer first acquired that project site in 2008 as part of the same fund, its Madison Marquette Retail Enhancement Fund. It includes a 125-space, three-story parking structure on the corner of Second Street and La Brea Ave., as well as a 44-space parking lot on First Street.
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Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
