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Article: Antioch mall gets boost from sale
- Article from:
- Oakland Tribune
- Article date:
- September 11, 2009
- Author:
CopyrightCopyright 2009 Oakland Tribune. Provided by ProQuest LLC. (Hide copyright information)
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The Gottschalks store in the East Bay that closed after the
retailer's bankruptcy may soon have a new retailer now that a
developer has agreed to buy the empty building.
The retailer's anchor store at Somersville Towne Center in
Antioch is being bought by developer NKT Commercial, according to
U.S. Bankruptcy Court records in Delaware.
The deal shows that little-by-little, a gradual recovery is
possible for a retail sector that has been engulfed by the
recession, a meltdown in consumer spending, and a string of merchant
failures and closures.
But the pending transaction also underscores the implosion in
property values for commercial real estate.
San Luis Obispo-based NKT agreed to pay the ...