FREMONT — A downtown Fremont restaurant and retail center that has become one of the catalysts for the rise of the East Bay city’s new urban core has been bought by a South Bay group for more than $10 million.
Mike Atkar, Kulwinder Atkar and the Atkar Family Trust have bought Capitol Square, a fully leased center with addresses of 3658 and 3768 Capitol Avenue in downtown Fremont, according to documents filed on Nov. 15 with the Alameda County Recorder’s Office.
Capitol Square, a restaurant and retail center at 3658 and 3768 Capitol Avenue in downtown Fremont. (Cushman & Wakefield)
The Atkar family trust and its members paid $12.6 million for the retail and restaurant complex, the county records show.
Sares Regis Group of Northern California and TMG Partners, two veteran Bay Area real estate development and investment firms, sold Capitol Square to the Atkar family group, according to the property documents.
TMG and Sares had developed the retail center, which totals 21,100 square feet, the two companies said.
“Capitol Square has been a catalyst for adjacent developments in the heart of Fremont,” said Matt Field, co-chief executive officer of TMG Partners. “Downtown Fremont has been experiencing a transformation over the last five years.”
The San Jose-based family trust led by Mike Atkar and Kulwinder Atkar has owned multiple smaller retail centers in the South Bay, Santa Clara County real estate and court records show.
Over the years, the Atkar holdings have included retail centers in San Jose, Sunnyvale and Gilroy, according to the real estate documents.
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The just-bought Capitol Square in Fremont is the retail segment of the $100 million Locale mixed-use project, which was completed in 2021. The residential component of Locale consists of 157 residential units,
The Sares firm, TMG and Summerhill Homes teamed up to develop the Locale mixed-use residential and retail complex.
Cushman & Wakefield commercial real estate brokers Don LeBuhn, Rick Ryan, and Dan Wald arranged the deal by TMG and the Sares firm to sell Capitol Square to the Atkar family.
The retail center is 100% leased, according to TMG and the Sares firm.
Sliver Pizzeria, Honest Indian Vegetarian Restaurant, Deka Lash eyelash salon, Raw Superfood Cafe, and Din Ding Dumpling House are among the merchants located in the shopping center, according to Google Maps.
“The strong competition to purchase Capitol Square at a high price per square foot is evidence that high-quality improvement in strong demographic areas, often with scarce options to purchase, continues to be attractive to investors,” said LeBuhn, a Cushman & Wakefield executive vice president.
