ALAMEDA -- The owner of Alameda Towne Centre announced Thursday that it has sold the shopping center to an Atlanta-based company for $181 million.
The sale follows Harsch Investment Properties, which has owned the 600,000 square foot property since 1979, embarking on a major redevelopment of the site over the past eight years that included the recruitment of anchor business such as Trader Joe's and Old Navy.
The new owner is Jamestown Properties, which also owns One Times Square and the Chelsea Market in New York City, as well as Pacific Place at 44 Fourth St. in San Francisco.
Phil Voorhees and Todd Goodman, who are both senior vice presidents with CB Richard Ellis in Newport Beach, represented Harsch during the deal, which featured 18 offers to purchase the 47-acre Alameda property.
Along with Trader Joe's and Old Navy, other center tenants include Kohl's, TJ Maxx, Safeway, Borders, Petco and Bed Bath & Beyond.
The changes at the site by Harsch, which owns about 21 million square feet of property in five western states, were completed last year and cost $75 million. The redevelopment played a key role in cementing the deal, according to Harsch representatives.
The center was built in 1958 and was once known as South Shore Center. It was renamed Alameda Towne Centre as part of the makeover.