Gadsden Growth Properties, Inc., acquired Mission Hills Square, a mixed-use ground up development that includes 158 residential apartment units and 53,900 square feet of commercial retail space for approximately $240 million in a combination of cash and stock.
“This acquisition is indicative of our core strategy of buying strong retail and mixed-use assets in secondary markets with robust economic and socioeconomic tailwinds,” stated John E. Hartman, Chief Executive Officer of Gadsden Growth Properties, Inc.
“Fremont is a secondary city to both San Jose and San Francisco and is more affordable by Bay Area standards. We believe this asset significantly increases the Company’s NAV and enhances the overall quality of our portfolio.”
Mission Hills Square also includes commercial retail space
Mission Hills Square is a new mixed-use development located in Fremont, California and slated for completion in October 2019.
Situated in the foothills of the San Francisco Bay Area along Highway 680, Mission Hills Square will offer 158 residential apartment units above 53,900 square feet of commercial retail space.
Mission Hills future commercial tenants are anticipated to include retail stores, sit-down restaurants, and casual eateries that will serve not only the residents of Mission Hills but also the populations that live in the surrounding areas, as Mission Hills Square will be an easily accessible shopping and dining destination.
As a suburb of the San Francisco Bay Area, Mission Hills Square benefits from a high quality of life, and a welleducated work force boasting median incomes that exceed $100,000 within a 5-mile radius. The project is in proximity to major employers, such as Facebook, Apple and other high-tech companies. In addition, demand for housing, coupled with low supply and high occupancy in the area, supports an inherent demand for both apartments and retail.