Sunday, July 13, 2014

HFF closes sale of historic art-deco building in San Francisco’s SoMa district


1400 16th Street, San Francisco, CA
SAN FRANCISCO, CA – HFF announced it has closed the sale of 1400 16th Street, a historic, 100,000-square-foot office and warehouse property in San Francisco’s South of Market district (SoMa).

               HFF represented the seller, Jessica McClintock, Inc. in the transaction, while Leland Parachini served as seller’s legal counsel. 

 The buyer was ASB Real Estate Investments along with SKS Partners and ProspectHill Group.

               Originally developed in 1938, 1400 16th Street is an art-deco style, reinforced concrete building that was occupied for nearly 40 years by owner-user, Jessica McClintock, Inc.  The property occupies a full city block at 1400-1450 16th Street bounded by 15th, 16th, Carolina and De Haro Streets.

John Simerlein
 This location offers tenants easy access to Interstates 80 and 280, and US Highway 101 as well as access to several San Francisco Muni bus routes with connections to the Bay Area Rapid Transit (BART) and Caltrain commuter rail lines, and San Francisco’s ferry service.  

The HFF investment sales team representing the seller was led by managing director Steven Golubchik, director John Simerlein and senior real estate analyst Josh DiSalle.

“The SoMa and Potrero Hill districts are home to one of the largest R&D, prototyping and manufacturing tenant clusters in the city. 

"The opportunity to transform the property into one of the area’s most iconic adaptive re-use buildings coupled with the ability to acquire a whole city block in San Francisco led to strong interest from groups both locally and nationally,” Golubchik said.

“We are seeing strong leasing velocity in the area along with a surplus of demand, specifically within the Potrero Hill / Showplace Square neighborhoods and for PDR-type users, and are witnessing a substantial uptick in PDR rents.  

"Further, the property’s ideal location, and proximity to San Francisco’s most rapidly evolving neighborhoods with a mixture of housing, jobs, entertainment destinations, and transportation options – combined, provide a 24/7 live, work and play environment,” added Simerlein.

ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm, managing over $4.9 billion (as of 3/31/14) in gross assets under management for over 250 institutional clients.

 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