One sees more stories about old malls closing during the COVID-19 pandemic, not new ones opening. But San Francisco is about to get a new enclosed shopping center and its very first Ikea store.
Ingka Centres, an Ikea unit that owns and operates 48 malls in Europe and Asia, has acquired the 6 X 6 Building on 945 Market Street, a 375,000-sq.-ft. property that Alexandria Real Estate Equities and TMG Partners opened in 2016, but failed to fill. Ingka has budgeted at least $250 million for the property and its redevelopment.
“This investment and the addition of Ikea will be transformational for our Mid-Market neighborhood, and a welcome reminder that while the present is challenging, San Francisco remains a place businesses want to locate,” said Mayor London Breed.Chain Storeage