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SF Is Getting Its First IKEA Ever in 2021

A “mini” IKEA is coming to Mid-Market in a $260 million mall project
By - posted 9/8/2020 No Comment

Thanks to SF Chronicle for letting us know that IKEA is finally coming to San Francisco in 2021, albeit as a mini-version of its normally sprawling stores.

Ingka Centres, IKEA’s real estate affiliate is spending $260 million to purchase and build out the empty 6×6 Mall at 945 Market Street at Sixth Street..

The IKEA is expected to take up 70,000 of the 250,000 square feet of the new space – about 20% of the size of the company’s typical stores.

It is the first urban mall project for IKEA in the United States.

Read more at SF Chronicle

Ingka Centres, part of the Ingka Group (which also includes IKEA Retail and Ingka Investments), has acquired the 6X6 building in downtown San Francisco from MSP Property LLP, a company controlled and owned by Alexandria Real Estate Equities Inc. and TMG Partners. The company will transform and redesign the 6X6 building at 945 Market Street into a new retail destination that’s anchored by IKEA and complemented with mixed-use offerings that are uniquely suited for San Franciscans and their lifestyle. The IKEA store and first phase of redevelopment are slated to open in fall 2021.

London Breed, Mayor of San Francisco said: “We are incredibly excited to welcome Ingka Centres and IKEA to San Francisco. The presence of this great retailer in the heart of our city will be transformative for our Mid-Market neighborhood, create more jobs, and offer a great new shopping experience for our residents. We greatly appreciate all the work that Ingka Centres and IKEA have put in with our office to help make this a reality, and we look forward to celebrating when they settle in their new home.”

Ingka Centres’ redevelopment plans for 6X6 will be driven by the needs of the local community. The company will work closely with tenants and partners to create a place people want to visit long into the future. The property will also be redesigned around the IKEA People and Planet Positive strategy, which will make the building more sustainable and promote sustainable living for the many. Ingka Centre will promote recycling, greener spaces, and improved air quality among other initiatives at 6X6.

The property comprises over 375,000 square feet, including the building’s parking lot. Its gross leasable area is approximately 256,000 square feet, and the volume of investment including acquisition and future redevelopment is $260 million.

Read the full press release