Ikea Purchases Dublin Land

Yes, this is 2016 not 2005. Doesn’t this story sound eerily familiar?

Ikea has purchased a 25 acre parcel encompassed by Hacienda Drive to the east, Martinelli Drive to the North and I-580 to the South. This is the site Ikea sold to Blake Hunt Ventures back in 2006.

The 2006 sale was sudden, Ikea siting the Emeryville and East Palo Alto locations sufficiently serviced their East Bay clients and the need for Dublin had diminished. At that point, the Ikea site was just just 14 acres with plans for a 230,000 square foot store. Blake Hunt Ventures, a prominent retail and residential developer, owned the neighboring parcel slated for residential development. The purchase of the Ikea site nearly doubled the size of BHV original development plans.

Fast forward to 2015.

Blake Hunt Ventures was delivered a blow mid-2015 when the City of Dublin shot down the mixed residential and retail development plan. It become increasingly clear that residential was not going to future for the site. In walks Ikea. After a short escrow period Ikea closes the deal in early March 2016.

The new plan? A 339,000 square foot store, equipped with a restaurant and children’s play area on approximately 21 acres. The remainder 6 acres could accommodate up to 52,000 square feet of retail or ancillary development.  If approved by the City of Dublin the targeted opening date is mid-2018.

Registry Article on Ikea

Ikea Dublin

 

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About thestorefront

Commercial Real Estate Broker in the San Francisco Bay Area specializing in retail sales and leasing.

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