A Mervyns department store in Hayward, Calif., has sold to an out-of-area real estate group for $66.5 million.
Mervyns, which has more than 200 locations in the western United States, in a separate transaction “inked a triple-net lease (at the building) with annual escalations written into it,” according to a press statement.
An unidentified Southern California-based entity purchased the 336,000-square-foot building from CapMark. The asset is located at 22301 Foothill Blvd., near Interstate 580 in the East Bay region.
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