DALY CITY, CA-Seagate Properties, Inc, a local real estate investment and operating company, a has sold all of the retail properties associated with Serramonte Plaza, a Daly City mixed-use complex, for a total of $17.25 million. In February 2002, the real estate company acquired Serramonte Plaza, a 173,000-sf mixed-use project, in association with Buchanan Urban Investors as advisors to CalPERS, the California Public Employee Retirement System. The company paid about $33 million for the entire property.

The company implemented an individual resale program, offering smaller properties to individual investors and 1031 exchange buyers. The company enlisted the help of Chris Kostanecki of Marcus & Millichap and Gary Willard of BT Commercial in marketing the property.

The individual retail sites, which are all located on Gellert Boulevard, include: Bay View Savings, Hollywood Video, Koi Palace, El Torito, Outback Steak House, Peppermill, 24 Hour Fitness, and Bank of America. These sites, which are about 6,000-sf each, have been sold to individual investors. The company also is selling the office portion of the project.

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