Nazareth Pays $7.35MM For Development Site in San Mateo

Nazareth Enterprises, San Mateo, Kelly-Moore Paint, Beale Properties

San Mateo, Calif., February 11, 2021 – 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 a 7,500-square-foot retail building in Downtown San Mateo.  The property is currently leased by Kelly-Moore Paint, which has been a tenant for over two decades. The property, located at 616 S B Street, San Mateo, Calif. for a total of $7.35 million. FThe company is working on the design of the redevelopment of the property.

Richard Beale of Beale Properties represented the Sellers.  Financing was arranged by Mitch Zeemont and Tony Kaufmann of Gantry, Inc., and provided by AvidBank.

“I have been eyeing this property since 2006, when I completed the build out and sale of the Nazareth Plaza at 800 S B. Street.  At that time, not many were convinced that Downtown San Mateo would accept a luxury mixed-use project.  Obviously, my gamble paid off.”  Said Mounir Kardosh, Founder and CEO of Nazareth Enterprises. 

“Since then, we added the Nazareth Terrace property – 9 high-end condos and 2 floors of retail/office – in 2013, to much success.  This new location is meant to be my latest mixed-use development, and I aim to elevate the level of luxury.” said Mr. Kardosh.  

About Nazareth Enterprises, Inc:

Nazareth Enterprises, Inc. is a privately-held, diversified investment firm, with real estate assets exceeding $300,000,000 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.

West Coast Commercial Real Estate News