News
SUPER MARKET DEAL
December 22, 2011
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| According to Terranomics partner Mark Koenig (with daughter Kristina and wife Theresa in Florence, Italy), the old Mervyn’s boxes are “slowly but surely getting absorbed.” Mark should know: He and Terranomics’ John Schaefer, Dan Wald, James Chung, Patrick McGaughey, and Sam Finne repped building owner Macerich in the lease of a former Mervyn’s in Petaluma's Washington Square Shopping Center to Safeway. (Mark and his collegues also leased a former Mervyn’s in Livermore to TJ Maxx, Big Lots, and Petco, and are working on a third transaction in Milpitas.) Safeway plans to begin construction on a more than 63k SF, upscale Lifestyle store next month, with a grand opening expected in late June or early July. The center is managed by Sacto-based Fulcrum Properties. |
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| Safeway has been a tenant since Washington Square was built in the early ’70s, occupying a 52k SF store in the center's middle section. Mark says the new store will anchor the southern end in an end cap location (bonus: virtually its own parking field). He calls it a smart move that allows Safeway to protect its presence in the North Bay market in the face of competitors like Sunflower, Sprouts, and Walmart’s Neighborhood Market concept. After the holidays, he and his team will be hitting the market hard to find a subtenant for Safeway’s existing space for Property Development Associates, a Safeway entity. Mark and Theresa have another daughter, Kimberly, a senior at the University of Arizona in Tucson. This June, the family hopes to visit Sydney, Australia, where Kristina works for the Marriott Corp. |
