Monday, October 18, 2010

Marin Gateway is gonna be BIG

The Gateway shopping center in Marin City has been acquired by a joint venture of Developers Diversified and The BIG group. According to a press release, the JV will pay $36 million for the property, comprising $7m in cash and an existing loan of $29m. The center was offered for sale in April by the Bay Area Council.

The BIG Group is based in Israel, where it has developed and owns a series of power centers. And yes, they are quite big, with very big totem signs to announce the fact (photo shows the BIG center at Krayot). BIG already owns several US shopping centers through a joint venture with Kimco, though this is the first transaction for the DDR JV.

The Marin IJ put out a bizarre front page story today suggesting that the Marin City Community Services was hoping to buy the shopping center. Good luck with that.

No comments: