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San Francisco Design Center to Have New Owner
By Home Furnishings Business in on January 2006
The owner of the San Francisco Design Center is selling a majority stake in the Showplace, Galleria and an adjoining Galleria parking lot for an undisclosed amount of money.
Bill Poland, chairman of Bay West Group, is selling the property to RREEF, Deutsche Bank Group's real estate arm headquartered in Chicago.
The deal is expected to close next month.
Bay West Group will continue to manage the two properties, which house about 2,000 manufacturers of home furnishings in 500,000 square feet.
According to the San Francisco Business Times, the sale will give Poland the capital needed for two development projects. The first is a condominium, showroom and parking development. The other project would replace the Concourse Exhibition Center used as temporary showroom space and other exhibitions.
Plans call for tearing down the Concourse and building a combination apartment and condominium facility.