Most of East Oakland shopping center is bought by L.A. developers

Most of a prominent shopping center in East Oakland has been bought by a real estate and development alliance from California.

About two-thirds of Foothill Square, a robust shopping center on Macarthur Boulevard in Oakland, has landed a buying group based in the Los Angeles area, documents filed on Jan. 20 with the Alameda County Recorder's Office show.

The buyers, acting through two affiliates, paid $28.7 million for a share of the retail center, which is located at 10700 MacArthur Blvd. and is near the Oakland Zoo and Interstate 580, according to the county property records.

The new owners, which include Beverly Hills-based Axiom Real Estate Investments, which is headed up by developer Abraham Shofet; and a group led by Los Angelesbased medical professional Tourage Soleiman, the public documents show.

Western Avenue Capital sold the shopping center to the Axiom and Soleiman groups, according to the property records.

Originally constructed in 1961, Foothill Square is bounded by MacArthur Boulevard, 106th Avenue, Foothill Boulevard and 108th Avenue.

For many years in the 1990s and early 2000s, the shopping center was largely empty and featured vacant spaces and crumbling storefronts.

But about 10 years ago, a wide-ranging redevelopment of the center was launched in a quest to fill it up with a new crop of merchants, according to a marketing brochure circulated by Lockhouse Retail Group, a commercial real estate firm.

The redevelopment cost about $45 million.

Now, the center totals 187,500 square feet, the Lockhouse Retail leasing materials state.

“The center has gone through an extensive renovation and expansion,” the Lockhouse brochure states. “Anchor stores include a giant Foods Co. grocery store, Ross Dress for Less and Anna's Linens.”

The property purchase doesn't involve the site that is occupied by Foods Co., which leases a building totaling 72,000 square feet.

The acquisition is focused on buildings that together total about 115,500 square feet. The tenants in the sites that were purchased include Ross, Anna's Linens, Shoe Palace, a bingo hall, Rainbow Apparel, a Wells Fargo bank branch and Davita dialysis.

“This project serves as both a destination for dining and local services, as well as daily needs,” the marketing brochure stated.