East Bay mall that thrived despite COVID is bought
BRENTWOOD — A major Contra Costa County mall that has remained full despite economic uncertainties brought on by the coronavirus has been purchased by a group of San Jose-based investors.
Sand Creek Crossing, a retail complex in Brentwood, was purchased by subsidiaries run by three people, according to documents filed Aug. 17 with the Contra Costa County Recorder’s Office.
The mall, located on a prestigious site near a freeway interchange in eastern Contra Costa County, was purchased for $53 million, according to county property records. The buyers were two investment entities headed by Tron Dinh Do, Huy Truong Nguyen and Khang Truong Nguyen, according to county records.
“Sand Creek Crossing is a solid center,” said Michael Mundelius, vice president of Colliers International, a commercial real estate company. Mundelius takes care of the commercialization of the shopping center.
Raley’s Supermarket, TJ Maxx Department Store, Ross Dress for Less Discount Department Store, HomeGoods Home Furnishings, and Party City are among the major retailers in Sand Creek Crossing. City Furniture, Round Table Pizza and Peet’s Coffee & Tea are other well-known vendors in the mall.
“All tenants are excellent retailers,” Mundelius said. “Tenants have done very well even during COVID.
The mall is located near the interchange of State Route 4 and Sand Creek Road in Brentwood.
The buying subsidiaries also secured $36 million in financing at the time of the purchase from Los Angeles-based CTC Bank, according to public filings.
“A lot of stores are discount merchants or have remained open during COVID,” Mundelius said. “Discount stores have done very well” during and after the worst period of the coronavirus.