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| July 25, 2003 |
Kimco Looking to Close Second Big Bay Area Retail Buy in Last 12 Months
Rentv.com |
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Kimco Realty Corp is reportedly close to acquiring 280 Metro Center, a 351.6k sf retail center in the Bay Area city of Colma. According to a recent story in the SF Biz Times, Kimco will pay roughly $59 mil ($168/sf) for the property, being sold by RREEF Funds, the SF-based funds advisory firm that purchased the center in 1997 for about $40 mil.
Originally constructed by Terranomics in the 1970s, the power center is located on Colma Blvd, east of Junipero Serra Blvd, and is currently anchored by Old Navy, Nordstrom Rack, Barnes & Noble and Home Depot. Other tenants include Bed Bath & Beyond, Marshall's, Men's Wearhouse, Anna's Linens, Pier 1 Imports, Cingular Wireless and JoAnn Fabrics.
For Kimco, this is the company's second buy on the Peninsula in the past 12 months. They also spent $80 mil late last year for Westlake Shopping Center, a 620k sf center on John Daly Blvd in Daly City. Westlake Shopping Center is one of the largest retail properties in the Bay Area and one of the nicest open air malls in the area, however, it is thought by many to be in need of a renovation. Kimco, which acquired the center in a down REIT partnership with Westlake Development Company, the original owner, has expressed plans to redevelop the property.
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