Spinoso acquires million-sq.-ft. Mall in San Fran’s North Bay region
A Syracuse, N.Y.-based owner-operator that buys and repositions malls using intense research and interactions with local communities has added what it likens to be a new gem in its 40-plus-property roster.
Spinoso Real Estate Group (SREG) has acquired the 1,046,000-sq.-ft. Solano Town Center in Fairfield, Calif. situated off I-80 in the North Bay sub-region of the San Francisco metro. Solano County’s population has been on the rise owing to its access to the Napa and Sonomo Valleys with their lakes, rivers and mountains. America’s Promise Alliance has five times named Solano County as one of the nation’s 100 best communities for young people.
“This is not merely a transaction; it represents our commitment to becoming an integral part of this thriving community,” said SREG CEO Carmen Spinoso. “By collaborating with the community as we explore innovative ways to enhance and densify this site and transform Solano Town Center into a state-of-the-art mixed-use development that will serve as a centerpiece for the community.”
As the third-party operator of Solano Town Center prior to acquiring it, SREG added several new uses to the property that include Pampas Brazilian Steakhouse, Jollibee, Sam’s Jewelers, The Smart Axe and Kiki’s Chicken.
SREG’s recent record for successful re-tenanting of malls is impressive. In 2022, the company reported that it executed more than 2,500 leases across its 41-property portfolio in during the year that added up to 7.7 million sq. ft. of space—the equivalent of nine super-regional malls worth of tenants.
“We’re excited about the timing of the acquisition as we’re witnessing the evolution of physical retail and unprecedented demand from DTC brands looking for brick-and-mortar spaces,” Spinoso said. “We see this as an unparalleled time to invest in enclosed malls and we look forward to making a long-lasting impact in the Solano community.”
Solano Town Center is anchored by JCPenney and Macy’s. Other tenants include H&M, Dick’s Sporting Goods, Starbucks, Edwards Cinemas, Buffalo Wild Wings, Best Buy, Dave & Busters, Ulta and Old Navy.