"We liked the size of the property, national tenant mix and the ability to maintain a nice return as we add value to the property," said
The purchase was completed
The shopping plaza, comprising more than 371,000 square feet, was built in 1958 and later renovated in 1995.
It has several national tenants, including OfficeMax, Jo-Ann Fabrics, H.H. Gregg and Marshalls.
Hornig said patrons will see both immediate and future changes to Golden Gate, located at
"They'll see immediate changes to the parking lot and cleanliness of the property, (and) over the next 12-18 months, they'll see some high quality national tenants join the center," he said.
"We (are) plan(ning) significant capital improvements and moving some of the tenants around the center to accommodate the desire to add or decrease square footage. We also plan on adding some additional national tenants."
"We and our partner have owned Golden Gate for nearly five decades, so finding the right buyer and achieving the right terms were imperatives," he said. "We're confident the new owners will continue to make Golden Gate a premier eastside shopping destination."
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