Real estate
on the just-purchased sites, a filing with the County Recorder's Office shows.
The site of a Target store wasn't involved in the purchase. Target owns its store property at Bayfair Center, according to documents posted with the County Assessor's Office.
San Leandro JV also obtained
a loan of $28.5 million from Loan Oak Fund at the time of the purchase, according to the property records.
B3 Properties, a group led by Lennon, is also involved in a revival of West Gate Shopping Center at 1933 Davis St. in San Leandro.
West Gate in San Leandro is a former two-story automotive manufacturing center with bigger retailers such as Home Depot, Ross Dress for Less and Dollar
Tree.
The upper floor of West Gate has been converted into numerous spaces for tech startups, creative artists and small industrial companies.
At Bayfair Center in San Leandro, the sites that were purchased could be replaced and redeveloped, documents on file with city officials show.
San Leandro is actively studying whether it makes sense to transform part of
Bayfair Center into a mixeduse complex that might feature homes, ground-floor retail, offices plazas and open spaces.
“A vibrant mixed-use, transit-oriented retail, commercial and residential destination” could sprout at the current site of Bayfair Center,” a city document states.
No specific plans have emerged for a redevelopment of the mall. Plus, no timeline has been proposed for any specific development
work. The plans that have been considered by the city are early-stage efforts and conceptual in nature.
Bayfair Center opened in 1957 with the launch of the Macy's store as the primary anchor at that time. In recent years, Bayfair has become more of a power retail center — with multiple bigbox tenants — rather than a traditional indoor mall.
Now, further changes appear to be in the offing as
San Leandro mulls the future of the mall and other areas near the local BART station.
“Developing and implementing a sustainable and vibrant Bay Fair transit-oriented development specific plan would enable San Leandro to come `full circle' in comprehensively planning and transforming the city's East 14th Street corridor,” according to the municipal planning document.