A new IKEA store will open at 945 Market Street in San Francisco, US, in the autumn of next year.
The store is part of a new retail destination being planned by Ingka Centres. It also includes mixed-use offerings.
Ingka Centres is part of the Ingka Group, which also includes IKEA Retail and Ingka Investments.
The store will be located in the 6X6 building in downtown San Francisco, acquired by Ingka Centres from MSP Property.
Ingka Centres general manager Gerard Groener said: “Our urban projects are all about getting closer to our customers.
“6X6 is an impressive six-floor glass building, with smart modern design and internal areas that provide the ideal canvas to create something truly spectacular.
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“We believe Ingka Centres can transform the performance of well-located assets like 6X6 by aligning their offers to how people want to spend their time.
“We’re so excited about the potential that 6X6 building represents to Ingka Centres and local communities.”
The company will renovate the building and transform it into a new retail destination.
The property comprises over 375,000ft2 and investment including acquisition and future redevelopment is $260m.
In March, IKEA temporarily closed all its 50 stores in the US and its planning studio in Manhattan as a precautionary measure to the increasing coronavirus (Covid-19) spread.