Capital & Counties U.S.A., Inc. To Acquire Major Shopping Center; Acquisition Meets the Parameters of the Firm's Long-Term Growth Strategy.Business Editors SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden and DALY CITY Daly City, city (1990 pop. 92,311), San Mateo co., W Calif., a suburb of San Francisco; inc. 1911. Daly City is primarily residential, its population having grown significantly since the 1970s. , Calif.--(BUSINESS WIRE)--Feb. 8, 2002 Capital & Counties U.S.A., Inc., has announced the acquisition of Serramonte Shopping Center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into , an 850,000 square foot regional mall located in Daly City, immediately south of San Francisco. Serramonte holds a dominant retailing position in its trade area and is anchored by Macy's, Mervyn's and a new 160,000 square foot Target Greatland Store scheduled to open in early March. The center is located on 80 acres of prime property and occupies a prominent position overlooking Interstate 280. Parking for more than 4,600 cars is provided. Turner Newton, President of Capital & Counties U.S.A., Inc. commented, "We are very pleased to be buying this exceptional property. The present owner has done a tremendous job with the center and we look forward to building on its long track record of solid performance. Over the last several years Capital & Counties has successfully executed an asset-specific acquisition program focused on mid-sized retail and office properties where there is potential to improve performance, market position, and ultimately value. The Serramonte acquisition is a logical extension of that strategy." Capital & Counties U.S.A., Inc., headquartered in San Francisco, is a real estate investment and development company and is part of the U.K. based Liberty International PLC Group. U.S. property holdings are focused in California and include Ghirardelli Square Ghirardelli Square is a tourist attraction with shops and restaurants in the Fisherman's Wharf area of San Francisco, California. In 1893, Domingo Ghirardelli purchased the entire city block in order to make it into the headquarters of the Ghirardelli Chocolate Company. , San Francisco; The Senator Office Building, Sacramento; The Willows Shopping Center, Concord Concord, cities, United States Concord (kŏng`kərd, kŏn`kôrd'). 1 city (1990 pop. 111,348), Contra Costa co., W central Calif.; settled c.1852, inc. 1906. ; and The Pacific Financial Center, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . For additional information please visit www.capcount-usa.com. |
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