A 14.5-acre site with plans for a Safeway grocery store has recently traded in South San Francisco. According to the Mercury News, the site was acquired by San Mateo-based developer Steelwave for $98 million. The property was sold by an entity associated with Shamaim LLC.
“180 El Camino was one of few remaining opportunities to acquire scale within South San Francisco,” said Newmark’s Steve Golubchik “The depth of capital seeking to capitalize the opportunity was robust.”
Newmark’s Nicholas Bicardo, Edmund Najera, Jonathan Schaefler and Darren Hollak also worked on the deal.
The development site is located at 180 El Camino Real and will total 74,600 square feet upon completion. Plans for the project call for a 63,690 square-foot grocery store, 7,930 square feet of space for other retail tenants and 2,980 square-foot stand-alone retail pad. Project plans also call for a surface parking lot with space for 197 vehicles.
The project site is currently developed with a strip mall which has been vacant for several years awaiting approval of a mixed-use development.
According to the City, plans for a Safeway were approved in August. However, proposed improvements to the site layout and building appearance remain under review. The Safeway store and associated retail areas, which would likely be completed in 2023, would cover three acres of the total 14-acre site. Other uses for the remainder of the property have yet to be planned.
“We know this has been a source of frustration for our residents, as well as our City Council, and we are happy to finally see some movement with this site,” said South San Francisco City Manager Mike Futrell at the time of the announcement.
The development site is located at El Camino Real and Spruce Boulevard, near a variety of other retail uses. The project is also two miles from the San Bruno BART station and in close proximity to Interstate 380.
Steelwave operates across Northern California, as well as Southern California, Denver, Seattle, Portland, Austin and Phoenix. Since it was founded, Steelwave has acquired, developed and managed more than 1,500 multifamily units, 61.3 million square feet of industrial product and 38.45 million square feet of office product.