Business & Tech
Huge Chunk of Pacific Commons Sold to Chicago Firm
The retail property sale is the largest in the Bay Area this year, according to the Silicon Valley Business Journal.
A large chunk of Pacific Commons — 865,000-square-feet — is being sold to a Chicago-based real estate firm, the Silicon Valley Business Journal reported Tuesday.
The terms of the deal were not released.
According to the Business Journal, Catellus, the Oakland-based developer of Pacific Commons, will hold onto The Block, a 320,000-square-foot development home to Target, Century Theaters and a crop of new businesses such as Krispy Kreme and T.J. Maxx. The Block is still under construction.
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Chicago firm Heitman will assume ownership of the majority of the retail center, claiming an 80-acre portion of Pacific Commons.
The retail property sale is the biggest in the Bay Area this year, the Business Journal reports.
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