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December 11, 2019
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BAY AREA NEWS
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Nazareth Enterprises Saves San Mateo Ice Rink with $11.5 Mil Purchase of 55k sf Building

5/09/19

Nazareth Enterprises Inc has acquired the ice rink facilities and 55k sf retail building at the BridgePointe Shopping Center in San Mateo, in an $11.5 mil off-market transaction. The building is located at 2200-2202 BridgePointe Pkwy, east of Hwy 101 and just north of Hwy 92.

The Ice Rink at the BridgePointe Shopping Center has been at the center of a development fight for several years. The previous owner wished to convert the building to retail, abandoning the entertainment space, but the City of San Mateo and the public mounted a “Save the Rink” campaign. In 2017, after several years of planning fights, the owner relented and allowed Nazareth to re-open the rink as a service to the community.

Mounir Kardosh, Founder and CEO of San Mateo-based Nazareth, was able to finance the acquisition with SBA funding through TMC Financing. Fremont Bank’s Ron LaRussa was also involved in arranging money for the purchase. According to Kardosh, this was a difficult transaction due to the amount of vacant space, the condition of that space and that some deemed the building as special use.





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