OAKLAND – Most of a prominent shopping center in East Oakland has been purchased by a California real estate and development alliance.
About two-thirds of Foothill Square, a rugged mall on Macarthur Boulevard in Oakland, landed a Los Angeles-area-based buying group, documents filed Jan. 20 with the Recorder’s office show of Alameda County.
The buyers, acting through two affiliates, paid $28.7 million for a share of the mall, located at 10700 MacArthur Blvd. and is near the Oakland Zoo and Interstate 580, according to county property records.
The new owners, which include Beverly Hills-based Axiom Real Estate Investments, led by developer Abraham Shofet; and a group led by Tourage Soleiman, a Los Angeles-based medical professional, according to public filings.
Western Avenue Capital sold the mall to the Axiom and Soleiman groups, according to property records.
Originally built 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 mall was largely empty and featured vacant spaces and crumbling storefronts.
But about 10 years ago a major redevelopment of the center was launched with the aim of filling it with a new generation of shopkeepers, according to a marketing brochure issued by Lockhouse Retail Group, a commercial property company.
The redevelopment cost approximately $45 million.
Now the center totals 187,500 square feet, according to Lockhouse Retail’s rental materials statement.
“The center has undergone a major refurbishment and expansion,” the Lockhouse brochure says. “Flagship stores include a giant grocery store Foods Co., Ross Dress for Less and Anna’s Linens.”
The purchase of the property does not include the site occupied by Foods Co., which leases a building totaling 72,000 square feet.
The acquisition is focused on properties totaling approximately 115,500 square feet. Tenants of 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 local restaurants and services, as well as daily needs,” the marketing brochure reads.