Find in the news:
BY COUNTRY

Target-anchored S.F. shopping center sells for $155 million



The 120,000-square-foot CityTarget on Geary filled a huge hole in the shopping center that was vacant for years.

City Center at Geary Boulevard, a shopping center that includes big-box tenants like Best Buy and City Target on the corner of Geary Boulevard and Masonic Avenue, has sold for $155 million.


According to real estate database Real Capital Analytics, the shopping center at 2675 Geary Boulevard was sold by Philadelphia-based Lubert-Adler and bought by New York firm Acadia Realty for $799 per square foot.


The shopping center marks the public company's first entry into the San Francisco market.


"We always look for sites that are infill and difficult to compete with, and this is that kind of property," said Joel Braun, Acadia's chief investment officer. "It's not going to see a lot of new competition, as it's an infill site surrounded by a lot of people."


At roughly 200,000 square feet, the shopping center is a unique site for San Francisco, which doesn't have a lot of room for big-box stores. The center had been left empty for years after Mervyns filed Chapter 11 and closed at the end of 2008, but the opening of CityTarget in 2013 helped revive the center, which also houses a Best Buy, Chipotle, GNC and now an Ulta beauty supply store.


Shopping centers anchored by high-value chains like Target, Home Depot or Costco are among the most successful right now, retail experts say.


According two recent reports, vacancy rates at these shopping centers — known as "power centers" — are at an all-time low and are projected to remain so at least for the next year.


Acadia's Alex Janoff is leading the firm's search in acquiring more San Francisco properties, including areas north and south of the city.


San Francisco fits "comfortably" with the firm's New York assets and its other major urban projects, Braun said. The company has already acquired sites in Boston, Miami, Washington, D.C., and other major metropolitan areas.

Related shopping malls and stores:

More about shopping malls in the USA



YESTERDAY, United Kingdom:
The public offering of the iconic brand could bring in up to 50 multimillionaires.
YESTERDAY, France:
The famous Michelin gastronomic rating published the year's results for France, naming the chefs who received the coveted stars.
YESTERDAY, USA:
The company has promised to provide its own technological and logistical expertise to coordinate the vaccination program.
DAY BEFORE YESTERDAY, United Kingdom:
In 2020, the Lidl chain managed to slightly beat its competitor Aldi in the UK, with its supermarkets being recognized as the cheapest.
DAY BEFORE YESTERDAY, Germany:
The initiative sparked a wave of criticism from both organizations and ordinary citizens.
Jan 15, 2021, USA:
Compact stores outside malls will offer customers almost the same wide selection of goods as full-fledged department stores.
Friend
and Follow
Jardim Pamplona GLA:118 403 SF
ADDRESS: R. Pamplona, 1704 - Jardins São Paulo
Brazil . Sao Paulo
Jardim Pamplona
Forum Istanbul GLA:1 883 684 SF
ADDRESS: Kocatepe Mahallesi, Pasa Caddesi 34045 Bayrampasa
Turkey . Istanbul
Forum Istanbul
Designer Outlet Provence GLA:269 098 SF
ADDRESS: Mas de la Peronne, Miramas, France
France . Miramas
Designer Outlet Provence
Charlotte Premium Outlets GLA:400 000 SF
ADDRESS: 5404 New Fashion Way Suite 100, Charlotte, NC 28278
USA . Charlotte
Charlotte Premium Outlets


Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us