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| 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.
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| 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
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