Bridgeside Shopping Center Acquired by Real Estate Company

JLL Properties--San Jose-based real estate company DJM Capital purchase of Bridgeside Shopping Center was finalized on June 20.

Bridgeside Shopping Center Acquired by Real Estate Company

DJM Capital Partners, a San Jose-based private equity real estate developer announced on Monday, June 20, that it finalized its purchase of Bridgeside Shopping Center at 2531 Blanding Ave. near Fruitvale Bridge. DJM partnered with asset management company PGIM on the deal.

The 105,000-square-foot property is 100% occupied and anchored by Nob Hill Foods. Other retails stores in the center include Subway, Baskin Robins, Starbucks, Pet Food Express, and Aisle 1 gas station. DJM Capital paid $57 million for the shopping center, according to the Alameda County Recorder’s Office show.

“We are excited to expand our portfolio with PGIM in Northern California as we continue to execute our plan to grow assets under management,” said DJM President Lindsay Parton in a press release. “Our long-standing partnership has been built on DJM’s ability to unlock value as a best-in-class retail operator.”

Bridgeside has had multiple owners since the turn of the century. Jacksonville, Fla.-based Regency Center Corp. purchased the property from IRES Inc. of Vancouver, Canada, through the City of Alameda in December 2003 for $6.2 million, according to an San Francisco Business Times article. The relationship between city leaders and IRES grew contentious after they felt the property owners neglected the center after a major tenant left.

Regency began a $14 million improvement project at the shopping center and Nob Hill Foods moved into the abandoned space at the western edge of the center. With the upgrades in place, Regency sold the newly developed Bridgeside Shopping Center to Los Angeles-based Cornerstone Real Estate Advisors for $40.5 million in 2007, according to a Globe article. Boston-based AEW Capital Management purchased the property from Cornerstone for $48.5 million in 2015, according to Bay Ares real estate publication, The Registry.

DJM and PGIM are currently partners in two other shopping districts. They co-own Bella Terra, an 852,000-square-foot, mixed-used lifestyle center located in Huntington Beach and Long Beach Exchange (LBX), a 246,500-square-foot, grocery-anchored retail center in Long Beach.