The bookstore has signed a long-term lease with developer Catellus Development Corp. to occupy 23,000-sf of ground-floor retail space in the 303-acre Mission Bay development, which is located between Third and Fourth avenues and Townsend and King streets.
While Borders will dominate the Third Street frontage, Safeway has negotiated with Catellus to build a 33,000-sf store on the front side of Fourth Street, creating a major retail presence in the area.
When complete, Mission Bay will consist of 83,000-sf of retail space and 595 apartment units. Much of the property has been pre-leased and 27,000-sf is still available. Rental rates for this area and type of space have averaged about $35 per sf, monthly.
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