On the border of San Mateo and Foster City, Bridgepointe offers a range of restaurants and big-box retailers with strongholds such as Target, The Home Depot, Toys R Us, and Bed Bath & Beyond.
Some 12 years after San Mateo’s Bridgepointe Shopping Center last changed hands, a teachers’ pension fund has purchased a portion of the property from SPI Holdings for $125 million, according to San Mateo officials.
Dated Nov. 14, the transaction netted the city $675,000 in property transfer taxes and does not include the Bridgepointe ice rink, according to records kept by the city and the county Assessor’s Office.
Economic Development Manager Jennifer Chen said the property with the rink was still under the ownership of SPI Holdings when the sale was completed.
The sale came after years of community dissent regarding former Bridgepointe owner SPI Holdings’ efforts to demolish an ice rink called for in the shopping center’s master plan. Though the beloved rink was shuttered in 2013, the previous owner announced the rink would be retained in March after a yearslong grassroots effort to save it. Nazareth Ice Oasis, which operates a Redwood City rink, is currently running the facility, which reopened in the fall.
On the border of San Mateo and Foster City, Bridgepointe offers a range of restaurants and big-box retailers with strongholds such as Target, The Home Depot, Toys R Us, and Bed Bath & Beyond. A new tenant, national chain Total Wine & More, is set to open March 22 in the former Sports Authority site and make craft beer, a wide selection of wine as well as tastings and classes available at the juncture of Highway 101 and State Route 92.
When SPI Holdings bought the parcels from Westlake Global Management in the fall of 2005, the property sold for $90 million and yielded approximately $450,000 in property transfer tax for the city.
Chen said Fairbourne Partners, a national property management firm, is expected to manage the parcels sold in November, and was confident the reputable company would continue to attract the best tenants for the property. She added that the sale also allowed the rink to remain open as a community amenity.
“This is the best of both worlds for both properties,” she said.
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(5) comments
When another real estate company buys big property now, they're going to redevelop it into a high density project, they want to build more housing projects. It happens when they buy a parcel, so they can use the space for condos.
The shopping center will go down the toilet as new ownership will not maintain, they will sell at a loss, the shopping center will ultimately be redeveloped, and new owner will ask for a taxpayers for a bail out.
An easy $675k to the City of San Mateo, for doing nothing. Yet, the first words out of City Hall are always, "we don't have any money to do that". Bullcorn.
$675k doesn't exactly go very far in a city of 100k+ people. This money will help, but it's a drop in the bucket relative to all the things people tend to want.
Very true, but this is just one transaction. Think of all the commercial buildings changing hands in San Mateo in the course of a year, and this number climbs into the millions very quickly.
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