Here’s what happened in the SF Commercial and Residential Market since 5/18:
Zhuguang a Honk Kong based Chinese developer purchased 525 Harrison St. (former site of the Factory by One Rincon) from developer Hines for $36 million. The 16,000 sq. ft. lot site is entitled for 205 units/ a 250-foot tower and only 15 percent affordable housing. Zhuguang also purchased 88 Arkansas from Martin Building Co. a 20,000 sq. ft. lot for $26 million. The site is entitled for 127 units.
It appears that Pembroke who purchased 140 New Montgomery a 295,000-square-foot building ended up paying about $283 million or $960 per square foot.
Not too far the parking garage at 147 Minna St. next to Moma is rumored to be on the block for $40M...for 145,500 square feet. This reminds us of several projects where developers purchased an older building and “re-skinned” it with glass (Riverbed office building on Folsom for example).
Another nearby garage is also coincidently on the block: the SF owned 255 3rd street is up zoned to 320 feet or about 300,000 sq. ft. so it should go fast…The price for Entitled or Buildable land in SF is $200 per sq. ft.
40 Condos over commercial to go up at 1433 Bush.
Folsom and 6th will see several projects mostly rentals about 400 units : 345 6th, 363 6th and 377 6th.
33 Gough will have over 400 units of rental in a proposed tower in excess of 250 feet.
The Tenderloin is seeing new projects: 242 condos and 232 hotel rooms at 950 Market. 1066 Market will be home to 304 rentals.
Macy’s Stonestown as we reported is going to be a 285,000 multi-retail center. More to come.
The 72,000 square foot office building at 901 Battery sold f $55 million or $763 per square foot.
We have all seen the Oceanside site next to Golden Gate University. What we didn’t know until now is that the owner of the small building 88 1st (10,000 sq. ft. building on less than 4,000 sq. ft lot present home of Perilla on Mission and El Faro on 1st) held off until recently and managed to sell it for…$32.5M! That’s $3200 per square foot and we take it our hat off.
The parking lot at 425 Broadway next to Crowbar about 14,000 sq. ft. sold for $11M.