$119M Capital Purchase

Liberty International PLC Group, a British-based company, and its subsidiary, Capital & Counties USA, Inc., a real estate investment and development company headquartered in San Francisco, have agreed to purchase the Serramonte Shopping Center for approximately $119 million, $140 per square foot. Located in Daly City just south of San Francisco, the 850,000-square-foot regional mall sits on 80 acres and offers parking for more than 4,600 cars. The retail center is anchored by Macy's, Mervyn's and a new 180,000-square-foot Target Greatland Store, which is scheduled to open in early March. Capital & Counties USA also owns a few more properties in the Bay area which include Ghirardelli Square and the Audiffred Building in San Francisco; the Willows Shopping Center in Concord; and the Senator Office Building in Sacramento.