San Mateo, Calif., May 8, 2019 – Nazareth Enterprises, Inc., a privately-held, diversified investment firm founded by Mounir Kardosh, President and CEO of Nazareth based in San Mateo, California, has completed the acquisition of the ice rink facilities and retail building at the BridgePointe Shopping Center, a 55,000-square-foot retail building located at 2200-2202 BridgePointe Parkway in San Mateo, Calif. for $11.5 million, in an off-market transaction.
The Ice Rink at the BridgePointe Shopping Center has been at the center of a development fight for several years. The previous owner wished to convert the building to retail, abandoning the entertainment space, but the City of San Mateo and the public mounted a “Save the Rink” campaign. In 2017, after several years of planning fights, the owner relented and allowed Nazareth to re-open the rink as a service to the community.
“Ice Rinks in California are a dying breed, particularly on the Peninsula where several have shuttered in the past few years,” said Mounir Kardosh, Founder and CEO of Nazareth Enterprises. “First as a tenant, and now as the building owner, Nazareth is proud to be able to preserve this piece of San Mateo history as a center for families to get together and enjoy hockey, figure skating, and just plain family fun.”
“This was a difficult transaction due to the amount of vacant space, the condition of that space and that some deemed the building as special use,” continued Kardosh. “Thankfully though, Ron La Russa and his team at Fremont Bank saw the intrinsic value, and together with the SBA through TMC Financing, put together an attractive loan which allows Nazareth to ensure that this valuable community resource remain available to the public for years to come.”
About Nazareth Enterprises, Inc:
Nazareth Enterprises, Inc. is a privately-held, diversified investment firm, with real estate assets and health-care holdings throughout Northern California. Through principled management and core operational skills, Nazareth Enterprises has successfully engineered an organization that supports the agility and focus of its individual operating companies by leveraging the strength and reach of the parent. Since the acquisition of its first business opportunity in 1976, Nazareth Enterprises has exhibited dynamic growth, based on its founder’s vision and commitment to fostering a quality environment that affords its residents, tenants, and associates, the opportunity to lead fuller, more productive lives while encouraging a strong sense of community.