Ares Enters San Francisco Bay Area With $18MM Shopping Center Deal in Novato
New York City-based Ares Management has acquired its first transaction in the San Francisco Bay Area by paying $18 million or $183 per square foot to purchase the 98,000 square foot Downtown Novato Shopping Center in Novato, according to sources that track the sale of retail properties in the Bay Area.
A company representative of Ares did not return a phone call seeking comment for this story. This institutional investor acquired the property in a partnership with Newport Beach-based Citivest Commercial Investments. Citivest declined to comment on what it paid for the property. The buyers were represented in the sale of the property by Marcus & Millichap.