California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
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
- ◦Sale/Acquisition


