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| 55 Grant Avenue, Union Square District, San Francisco, CA |
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| Nicholas Bicardo |
SAN FRANCISCO, CA – HFF announced it has closed the sale of 55
Grant Avenue, a six-story, 12,653-square-foot, high-street retail asset in
San Francisco’s Union Square District.
HFF
marketed the property on behalf of a joint venture between City Center Realty
Partners, LLC and Angelo Gordon & Co.
St. Bride’s Managers, LLC represented the purchaser of the property.
55
Grant Avenue is situated one block from Union Square Park and luxury retailers
such as Neiman Marcus, Barneys New York, Saks Fifth Avenue, Bloomingdale’s,
Tiffany & Co., Louis Vuitton, Hermes, Bottega Veneta, Chanel and Gucci.
Originally built in
1909 and most recently renovated in 2013, the building is 100 percent leased to
five tenants including Tumi, which occupies the ground-floor space.
The
HFF investment sales team representing the seller was led by managing director Nicholas
Bicardo along with director Mark Damiani.
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| Mark Damiani |
“Both the increase in fresh capital and the demand for
high-street retail today far outpaces supply, with investors such as offshore
groups, advisors, public REITs and private capital all making a big push for
this type of product,” said Bicardo.
“This sale, as well as the sale of 33 Grant Avenue that HFF
closed last year, are a perfect example of new capital investing into this
market for the first time.”
City Center Realty Partners, LLC (CCRP), is a San
Francisco-based real estate investment firm, specializing in the development,
redevelopment and acquisition of urban real estate.
Nationwide, CCRP has developed and acquired more than $800
million of retail, office and mixed-use properties, representing more than
three million square feet.
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| Union Square Park, San Francisco, CA |
Angelo, Gordon & Co. is a privately-held investment
advisor specializing in alternative investments such as real estate, distressed
debt and private equity. The firm was founded in 1988 and currently manages
approximately $25 billion.
St. Bride’s Managers, LLC is a global real estate investment
management business with offices in New York, London, Madrid and a consulting
office in Frankfurt. www.stbridesmanagers.com.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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