NOVATO -- United Kingdom-based real estate developer and investor Grosvenor purchased the nearly nine-acre former Nave bowling alley site in Novato from Albertsons for an undisclosed amount.

Grosvenor closed escrow on the property, located on Nave Road near the Hamilton area of east Novato, on Monday and announced the deal today. Neither city planners nor the company could be reached for comment on plans for the site.

BT Commercial Real Estate's Mark Koenig, who has represented various owners of the property in the last eight years, says the 20 offers received for the site and the mere four-month market-to-close deal cycle speak to the site's value in Bay Area retail real estate. The site is zoned for a retail center.

Lucky's acquired the property in 1997 as part of the Hamilton Airfield master plan effort. At one time, a McDonald's restaurant and Marriott hotel were planned for adjacent property.

Albertsons acquired the property when it absorbed Lucky's and floated various site designs from 2001-03. Last year, the grocery chain decided to sell the property.

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