Business & Tech
San Mateo Draeger's Market Sold To Real Estate Firm
The family grocery store will stay open after being purchased by a Menlo Park firm, the Daily Journal reported.
SAN MATEO, CA — The San Mateo location of Draeger's Market has been purchased by a Menlo Park real estate firm but plans to stay open, the Daily Journal reported on Tuesday.
James Draeger told the Daily Journal that his company had gotten an unsolicited offer from Lane Partners to acquire the store's building. The deal, finalized on Oct. 1, came with a leasback arrangement that allows Draeger's to remain open.
The family-owned grocer was founded in 1925 in San Francisco and has four locations along the Peninsula.
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San Mateo Mayor Diane Papan told the Daily Journal that she hopes Draeger's is able to stay in business downtown.
“The immediacy of a grocer there is going to be really important,” she said.
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