Monday, January 13, 2014

HFF closes sale of Potrero Business Center in San Francisco


Potrero Business Center, San Francisco, CA
 
Steven Golubchik

SAN FRANCISCO, CA – HFF announced it has closed the sale of Potrero Business Center, a three-building, 135,000-square-foot office and industrial/flex business park in San Francisco, California.

HFF marketed the property on behalf of Morrison Street Capital, LLC.  SF Industrial 1, LLC, which was advised by Zurich Alternative Asset Management, LLC (“ZAAM”), purchased the property free and clear of existing debt. 

The property is located on Cesar Chavez Street between Interstate 280 and Highway 101, adjacent to Mission Bay and in close proximity to the 22nd Street Caltrain station.  Situated on 4.57 acres, the property is 94 percent leased to a wide spectrum of tenants. 

The HFF investment sales team representing the seller was led by managing director Steven Golubchik and director John Simerlein.


John Simerlein
The ZAAM team representing the buyer was led by managing director Sean Bannon and director Jesse Faneuil.

“San Francisco represents one of the highest barriers-to-entry markets in the country, with industrial and flex space being particularly scarce,” commented Golubchik.

Founded in 2002, Morrison Street Capital, LLC places investment capital on behalf of the Morrison Street series of private equity funds.  As a buyer of commercial real estate, the firm invests with precision and a hands-on management approach. 

As a secondary lender providing preferred equity, B notes, bridge loans and mezzanine debt, the firm possesses extensive knowledge of local real estate markets throughout the western United States and has a commitment to integrity, flexibility and ingenuity.

 Zurich Alternative Asset Management, LLC is the alternative investment advisor to Zurich North America and (“Zurich”) its affiliates, responsible for the group’s hedge fund, private equity and US real estate investments. 

Dating back to 1997, Zurich, advised by ZAAM and predecessor entities, acquired more than $2 billion of assets directly with a focus on high quality commercial properties with high grade tenancy. 

ZAAM currently manages approximately $2.5 billion of commercial real estate exposure in the Unites States for its various affiliated balance sheets.

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


No comments:

Post a Comment