Gadsden Growth Properties, a privately-held real estate corporation that signed an agreement in November 2018 to merge with FC Global Realty, has acquired Mission Hills Square in Fremont, Calif. The property is a mixed-use ground-up development that includes 158 residential apartment units and 53,900 square feet of retail space for approximately $240 million in a combination of cash and stock.
The firm’s core strategy is buying strong retail and mixed-use assets in secondary markets with robust economic and socioeconomic tailwinds, stated John Hartman, CEO of Gadsden Growth Properties. “Fremont is a secondary city to both San Jose and San Francisco and is more affordable by Bay Area standards.”
Mission Hills Square is a new mixed-use development that is slated for completion in October 2019.
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.