A partnership between Urban Realty and Commonfund sold 799 Market Street in San Francisco to Jamestown L.P., a national real estate investment and management firm. The parties involved were unable to reveal the sales price to GlobeSt.com, but industry sources unrelated to the deal say the amount was $93.5 million. Eastdil Secured represented the seller in the transaction and helped Jamestown secure financing.
Michael Philips, Jamestown's COO, said in a prepared statement, "The acquisition of this asset is part of our ongoing strategy to expand Jamestown's presence on the West Coast and furthers our commitment to locations that support the intersection of media, technology and retail." Philips added that the property is "well positioned to capture the growing demand from tenants attracted to the area's vibrant atmosphere."
Built in 1968 and renovated in 1986, 799 Market Street is a Class A urban retail and creative-office building with 142,902 square feet of space. The property was 89% leased at the time of sale, with the retail section 100% occupied by a Ross Dress for Less flagship store.
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment