Development Site in Mateo, CA Acquired by Nazareth Enterprises Inc. for $7.35 Million

Mounir Kardosh

 San Mateo, CA – Nazareth Enterprises, Inc., a privately-held, diversified investment firm founded by Mounir Kardosh, President and CEO of Nazareth based in San Mateo, California, has completed the acquisition of a 7,500-square-foot retail building in Downtown San Mateo. 

 Richard Beale 

The property is currently leased by Kelly-Moore Paint, which has been a tenant for over two decades.

 The property, located at 616 S B Street, San Mateo, Calif. for a total of $7.35 million.  The company is working on the design of the redevelopment of the property.

 Richard Beale of Beale Properties represented the Sellers.  Financing was arranged by Mitch Zeemont and Tony Kaufmann of Gantry, Inc., and provided by AvidBank.

Mitch Zeemont
 

“I have been eyeing this property since 2006, when I completed the build out and sale of the Nazareth Plaza at 800 S B. Street. 

At that time, not many were convinced that Downtown San Mateo would accept a luxury mixed-use project.  Obviously, my gamble paid off.”  Said Kardosh.

 “Since then, we added the Nazareth Terrace property – 9 high-end condos and 2 floors of retail/office – in 2013, to much success. 

Tony Kaufmann

"This new location is meant to be my latest mixed-use development, and I aim to elevate the level of luxury.” said Kardosh. 

CONTACTS:

  David Ebeling

 Ebeling Communications

 (949) 278-7851

david@ebelingcomm.com