Sub Markets

Property Sectors

Topics

California CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

California  + Bay Area  + Retail  | 

TMG-Alexandria JV Divests Mall to IKEA Parent, $260M Redev Planned

TMG Partners divested 945 Market St. in San Francisco to Ingka Centres San Francisco LLC. The seller, a joint venture of TMG and Alexandria Real Estate Equities, acquired the retail property, known as 6X6, in August 2019.

Ingka Group is one of 12 different groups that own and operate IKEA retail under franchise agreements. The long vacant six-story, 250,000-square-foot shopping center will be reborn as a small-footprint Ikea store that will be accompanied by other retailers. The sales price was not disclosed, though the buyer indicated the value of the acquisition and the redevelopment would total $260 million. The first phase is expected to deliver in 2021.

San Francisco Mayor London Breed says, “This investment and the addition of IKEA will be transformational for our Mid-Market neighborhood, and a welcome reminder that while the present is challenging, San Francisco remains a place businesses want to locate.”

Cushman & Wakefield’s U.S. team representing the seller and buyer was led by Kazuko Morgan.

For comments, questions or concerns, please contact Dennis Kaiser

Connect

Inside The Story

Connect With TMG PartnersConnect With Cushman and Wakefield’s MorganConnect With San Francisco Mayor Breed

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
New call-to-action
New call-to-action
New call-to-action