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Article: College-area center gets a $21 million face-lift. (Marketplace at the Grove shopping center in San Diego, CA)
- Article from:
- San Diego Business Journal
- Article date:
- October 26, 1998
- Author:
CopyrightCOPYRIGHT 1998 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Currently 70% Vacant, Marketplace at the Grove Takes Radical New Look
Vestar Development Co. and Wal-Mart have purchased the troubled Marketplace at the Grove in the College Grove area of San Diego and intend to perform $60 million worth of major surgery on the shopping center.
Escrow closed Oct. 14. The sale price of the 690,000-square-foot mall, built in the late 1950s, was $21 million, a Vestar official said. Under an incentive agreement with the city of San Diego's Redevelopment Agency, Wal-Mart will receive $960,000 over 15 years from sales tax revenues.
Renovation of the property will get under way next month, with a grand reopening planned for ...