Foster Square Retail
7.50% CAP | 94.9% Leased | Multi-Tenant Shops & Restaurants | $150K Co-Broker Fee | Foster City, CA
Marketing description
CUSHMAN & WAKEFIELD, as exclusive advisor, is excited to present the opportunity to acquire Foster Square Retail (the “Property” or “Foster Square”) in Foster City, California. Recently delivered in 2017, the 28,182 square foot multi-tenant retail asset is 94.9% leased with a weighted average lease term (WALT) of 5.0 years and no scheduled rollover until 2027. This offering includes the ground floor retail component of two separate mixed-use retail and senior-oriented housing developments: Atria and Alma Point at Foster Square.
The Property is ideally tenanted for the trade area. Suites range in size from 846 to 4,737 square feet and the rent roll is mostly comprised of food and service-oriented tenants with minimal risk of tenants downsizing formats.
The Property is positioned in a highly affluent community, which has become increasingly attractive to millennials and professionals within the technology industry. The Property’s desirable trade area has average household incomes exceeding $240,000 within a 1-mile radius.
Investment highlights
Modern, top-quality retail investment offering in “Core” Bay Area location
±28,182 square feet of neighborhood-serving retail with dedicated parking
94.9% leased
Desirable line-up of e-commerce-resistant tenants including an international grocer – India Cash & Carry, USPS, and Starbucks
Impressive tenant sales performance
Recent leasing momentum – Four new leases since August 2023, totaling 8,483 square feet
Additional 1,140 SF development parcel
Condominium interest
Affluent San Francisco Peninsula community with average HH incomes of $241,589
Perfectly positioned in difficult-to-develop Foster City
$150K Co-Broker Incentive
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