{"id":1004161259,"date":"2016-12-08T03:52:08","date_gmt":"2016-12-08T11:52:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004161259"},"modified":"2022-12-07T13:16:59","modified_gmt":"2022-12-07T21:16:59","slug":"ncp-enterprise-jv-buys-oakland-shopping-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ncp-enterprise-jv-buys-oakland-shopping-center\/","title":{"rendered":"NCP Enterprise JV Buys Oakland Shopping Center"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

Oakland, Calif<\/strong>.\u2014Northstar Enterprise Opportunity Fund I LP (NCP Enterprise), in a joint venture with Western Avenue Capital, has acquired Foothill Square Shopping Center, a 120,000-square-foot anchored retail center in\u00a0Oakland, Calif.<\/p>\n

\"Foothill<\/a>

Foothill Square Shopping Center, Oakland, Calif.<\/p><\/div>\n

\u201cWe love Oakland. It\u2019s a derivative of the San Francisco market and we think that assets like this aren\u2019t getting bid up too high by major institutions,\u201d Peter Auerbach, NCP Enterprise\u2019s co-founder & CIO, told Commercial Property Executive<\/em>. \u201cWe have a phenomenal partner in Western Avenue and we think we have a unique piece of real estate in an area that\u2019s on the rise.\u201d<\/p>\n

Originally constructed in 1962, the property underwent a major renovation between 2013 and 2016, where it was both remodeled and expanded.<\/p>\n

According to Auerbach, the joint venture seeks to stabilize the asset for the long term and benefit from the attractive going in yield and basis.<\/p>\n

\u201cWe knew there was room to improve the asset,\u201d he said. \u201cWe like to invest in things that produce cash flow for our investors while we\u2019re improving them.\u201d<\/p>\n

Located at 10700 MacArthur Blvd., strategically positioned adjacent to the MacArthur Freeway, Foothill Square Shopping Center is the only major grocery-anchored retail center with direct access along Interstate 580 for eight miles north and four miles south.<\/p>\n

\u201cThe acquisition presents a unique opportunity to stabilize and reposition a cash flowing asset in an infill community in the Bay Area,\u201d David Kasirer, Western Avenue Capital\u2019s partner, said in a prepared release.<\/p>\n

At the time of the sale, Foothill Square Shopping Center was 95 percent leased to national and regional tenants including FoodsCo (shadow),\u00a0Ross Dress\u00a0for Less, Wells Fargo, Davita, Rainbow and a Head Start school, in addition to multiple leases negotiated during the acquisition process.<\/p>\n

\u201cOne of our mottos internally is \u2018Doing well by doing good,\u2019 and empowering people and creating communities,\u201d Auerbach said. \u201cThe tenant base in this has schools, a bingo parlor, a community center\u2026 so we have that feeling if you treat the tenants well, you are doing something good.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The partnership seeks to stabilize and reposition the Foothill Square Shopping Center, which was 95 percent occupied upon closing. <\/p>\n","protected":false},"author":451,"featured_media":1004518218,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21742,21749,1609,15],"tags":[],"class_list":["post-1004161259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-latest","category-retail","category-san-francisco","category-west"],"acf":[],"yoast_head":"\nNCP Enterprise JV Buys Oakland Shopping Center - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ncp-enterprise-jv-buys-oakland-shopping-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCP Enterprise JV Buys Oakland Shopping Center\" \/>\n<meta property=\"og:description\" content=\"The partnership seeks to stabilize and reposition the Foothill Square Shopping Center, which was 95 percent occupied upon closing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ncp-enterprise-jv-buys-oakland-shopping-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-12-08T11:52:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T21:16:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Foothill-Square-Shopping-Center.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"880\" \/>\n\t<meta property=\"og:image:height\" content=\"542\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ncp-enterprise-jv-buys-oakland-shopping-center\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ncp-enterprise-jv-buys-oakland-shopping-center\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"NCP Enterprise JV Buys Oakland Shopping Center\",\"datePublished\":\"2016-12-08T11:52:08+00:00\",\"dateModified\":\"2022-12-07T21:16:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ncp-enterprise-jv-buys-oakland-shopping-center\\\/\"},\"wordCount\":358,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ncp-enterprise-jv-buys-oakland-shopping-center\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/04\\\/Foothill-Square-Shopping-Center.jpg\",\"articleSection\":[\"Deals\",\"Featured\",\"News\",\"Retail\",\"San Francisco\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ncp-enterprise-jv-buys-oakland-shopping-center\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ncp-enterprise-jv-buys-oakland-shopping-center\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ncp-enterprise-jv-buys-oakland-shopping-center\\\/\",\"name\":\"NCP Enterprise JV Buys Oakland Shopping Center - 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