Two investors, Albert and Judith Lampert, have purchased a key part of the property on San Pablo Avenue, which will include the Macaroni Grill, a 6,500-sf restaurant that will open next year. The couple bought the slot for $1.6 million.
In the past, the Plaza has always had multiple owners, which has led to many disagreements and plan delays. Previously, the property was owned by Longs Drugs, Emporium-Capwell and the Bilak Co. The 342,000-sf shopping center's renovation plans have been postponed because of a failure to reach an agreement.
Now the Lamperts, Longs Drugs, Albertson's and Regency Centers own the property, which is 90% leased. The new investors will reportedly bring needed funds for the project's completion.
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