Search
 

REIT Acquires Westlake Shopping Center for $80M

DALY CITY, CA-Kimco Realty Corp. picks up the 562,000-sf mall from Westlake Development Co. for shares in a DownREIT. Kimco plans spend $12 million renovating and repositioning the property.

By Michelle Savage | Updated on October 28, 2002

DALY CITY, CA-A neglected shopping center in Daly City will undergo major cosmetic surgery thanks as a result of the center’s $80-million acquisition by publicly traded Kimco Realty Corp.

The property is Westlake Shopping Center, a 562,000-sf center built in the 1950s and located at 285 West Merced Blvd. and anchored by Safeway, Burlington Coat Factory, Walgreen’s and Trader Joe’s. Vacancies total about 125,000 sf. The seller, Westlake Development Company, accepted DownREIT units in Kimco in lieu of cash that may be redeemed at any time during the next decade.

According to Grubb & Ellis SVP Michael Federle, who represented all parties in the deal, Kimco will invest an additional $12 million to upgrade and improve the shopping center, taking it in the direction of a mainstream retail property. Federle worked with SVP Dixie Walker, also of Grubb & Ellis. All of the major tenants will increase and improve their existing space, says Federle, and the new owner plans to immediately market any additional space to potential tenants.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.