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Properties changing hands for newer uses

SAN FRANCISCO-An old movie house and an aging shopping center will be demolished to make way for fresh development.

By David Scholz | Updated on July 31, 2000

New and better uses are the motivation behind a host of real estate sales that have taken place from one side of the bay to the other.In the case of two deals, the buildings that are changing hands will face the wrecking ball to make way for new uses. In the case of the third, a bowling alley, is falling prey to the conversion trend that has engulfed many a property in the still robust Bay Area real estate market.In San Francisco, the Goldman Institute on Aging paid $8.5 million for the 50-year-old movie house, the Coronet Theater. The Institute plans to tear it down and build a new office facility. The nonprofit social services agency has agreed to continue leasing the single-screen movie house to United Artists for six months while it designs the new facility. Also in San Francisco, owners of the building that now houses the Japantown Bowl have put the property on the block for $7 million. Kinetsu Enterprises of America turned down an offer of $6.7 million from the Japantown Cultural and Community Center, which wanted to keep the bowling alley in operation.In the East Bay suburb of San Ramon, Braddock & Logan bought the Country Fair Shopping Center for $7 million. According to Grubb & Ellis Co., the Danville-based developer plans to demolish the strip center and develop 42 single-family homes on the 9.5-acre site. The seller is a private investor. The developer is slated to break ground on the project August 2000 with completion slated for late 2001.

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