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Wednesday, May 18, 2022

East Bay Retail Centers Bought for Over $100 Million

Lafayette Mercantile, a retail and office center totaling 56,600 square feet at 3585 by 3597 Mount Diablo Blvd. in Lafayette. (Newmark)

LAFAYETTE – Two retail hubs at prime locations in the East Bay city of Lafayette have been purchased by a veteran real estate investment firm from the Midwest in a top $100 million deal.

La Fiesta Square and Lafayette Mercantile were purchased by associates controlled by SITE Centers, a real estate investment trust, according to documents filed May 3 with the Contra Costa County Recorder’s office.

Ohio-based Site Centers paid a combined $103.2 million for the two Lafayette retail centers, county public records show.

The deals show that investors are still hungry for retail hubs at locations of choice in the Bay Area.

According to public records, the two Lafayette complexes were sold by Stéphane Cortés and associates controlled by Ann Cortés. The pair are top officials, with state trade filings show, Cortes Properties.

On May 4, a day after the Lafayette properties were sold, Cortese-controlled affiliates purchased a sprawling technological and advanced construction building in northern San Jose whose tenant is battery maker Quantumscape.

The Cortis firm paid $103.8 million for the San Jose site at 1710 Automation Parkway and obtained a $45 million Wells Fargo bank loan to finance the purchase of the building, Santa Clara County records show.

La Fiesta Square, which totals 74,300 square feet and includes five retail buildings, was purchased by Site Centers for $60.7 million.

Lafayette Mercantile, which totals 56,600 square feet and is a retail and office complex, was purchased for $42.6 million.

Brokers Nicolas Bicardo and Steven Golubchik arranged the property deal with Newmark, a commercial real estate firm.

“This portfolio represents a once-in-a-generation opportunity to achieve immediate scale through acquiring prime retail property and best mixed-use property two blocks apart from each other in one of the Bay Area’s most affluent neighborhoods, Said Bicardo, A Newmark’s vice president.

SITE Centers bought two retail complexes in a cash deal, county records show.

La Fiesta Square is “in the heart of downtown Lafayette,” according to Newmark.

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