The San Francisco Business Times reports that the Gateway shopping center in Marin City has been sold to an affiliate of the Gerrity Group for $36 million. The center was sold by the Bay Area Council, and was previously reported as sold to a joint venture between Developers Diversified and BIG Shopping Centers, although this sale failed to finalize.From the SFBT:
"Gerrity Group was formed to acquire well-located shopping centers where it can add value and create additional quality by investing in capital improvements, operations and management," (Dan Wald of Cassidy Turley) said in a statement.
A year ago, reports surfaced that a joint venture of The BIG group, an Israeli company, and Developers Diversified, a U.S. real estate investment trust, were going to buy Marin Gateway for $36 million. The property was first put up for sale in April 2010.
Wald said that BIG put out its press release about the deal while still in the due diligence phase, and that Developers Diversified chose not to move forward with the deal after the due diligence.
"That was unfortunate, because (BIG) announced the price, and that created a ceiling," Wald said
Congratulations to the new owners. They have a little work to do to lease up several remaining vacant stores.
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