San Francisco’s Clock Tower Penthouse Going for $6 Million

Historical four-story clock tower penthouse, South Beach
San Francisco, CA

Photo credit: Open Home Photography   Source: www.compass.com

SAN FRANCISCO, CA -- Something extraordinary happens when repurposed historical clock towers go up for sale as elegant penthouses, says TopTenRealEstateDeals.com. A rare occurrence, one has recently come on the market in San Francisco's South Beach neighborhood. The registered-landmark, four-story-penthouse-loft apartment with conversation-piece furnished room inside the clock is for sale at $6 million.

Max Schmidt
(Photo courtesy, The Virtual Museum of the City of San Francisco)

Constructed in 1907, the large building complex that supported the tower became the West Coast’s largest printing company by 1921. 
The owner of the business, Max Schmidt, decided to construct a penthouse level in the clock tower where natural light poured in from all four sides of the clock faces so that his lithographers would find it easier to work. 

In 1930, the plan for the new Bay Bridge was solidified which would require tearing down a portion of the printing buildings including the clock tower.

 Schmidt would have none of that and used his clout, threatening to move his business to the other side of the bay. The city, unwilling to lose one of their largest employers, gave in and agreed to take the highway around Schmidt’s complex and the tower was saved. 

In 1992, the old factory was repurposed into 127 contemporary live/work lofts and offices. San Francisco and Oakland commuters on Interstate 80 have come to depend on the clock as they travel to and from work each day.

The sleek contemporary penthouse with postcard city views measures in at a spacious 3,000 square feet of living space, including a room actually inside the clock, and large terraces providing outdoor space for lounging or entertaining.

The two-bedroom, two-bath residence has been designed to optimize the loft’s spaciousness with hardwood and polished concrete floors and built-in bookcases that become part of the brick-and-concrete structure following the lines of the beams.

Built on four levels, included are a gourmet kitchen with top-end appliances, living and dining rooms with French doors to the terrace, office, game room, library, large master suite and the unique clock room.

Photo Courtesy The Virtual Museum of the City of San Francisco

Options for entertaining in this unique home are almost unlimited and definitely not boring.

Pick a terrace for the view you want for a particular party or a room painted white with sleek modern furnishings or go with a city-loft vibe with brick walls and steel-structural beams - all with breathtaking views of the city.

Rob Levy

Or, start with cocktails in the clock room and work your way down through all venues. It’s a home that guests aren’t likely to forget.

 Eric Turner 

With historic roots as the original site of the Max Schmidt Lithography Co. and a clock that San Francisco and Oakland commuters have depended on for decades, the clock-tower penthouse is for sale at $6 million. 

The listing agents are Rob Levy and Eric Turner of Compass, San Francisco.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

Kissimmee, FL SunTrust property sold for $1.75 million

Kane Morris-Webster 

TAMPA, FL -- B+E, the first tech-driven brokerage and trading platform for net lease real estate, announced the sale of the SunTrust property located at 3109 W. Vine Street, Kissimmee, FL 34741 for $1,750,000.

The seller is East Coast Acquisitions and the buyer is a private investor.  The building is +/- 3,172 on +/- 1.13 acres of land and includes parking. The property carries a seven-year lease and sold at a cap rate of 5.77%.

SunTrust property, 3109 West Vine Street, Kissimmee, FL

"This property was highly sought after due to Florida’s tax environment, the demographics, tenant segment, location and being a newer build,” said Kane Morris-Webster of B+E. 

“We took to market and received multiple offers in the first 30 days.  Then were able to assist the seller in finding the right buyer.”

For more information, please contact Kane Morris-Webster at kmw@benetlease.com or go to www.benetlease.com.

 

 Contact:

John Vita

John Steven Vita Communications

John.vita@jsvcom.com

847/853-8283

Arbor Funds $39.3 Million Fannie Mae DUS® Green Rewards Loan in Riverside, CA

                             

Alexander Kaushansky 

  

UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae DUS® Green Rewards loan in California. The property received $39.3M in funding through a 15-year loan with full term interest only from the program.

Alexander Kaushansky of Arbor’s New York City office originated the loan.

“Our client’s goal was to acquire a core asset that they plan on holding in a stable growing market,” said Kaushansky. “We helped them take advantage of the low interest rate environment with creative green financing, which lowered their interest rate and their annual utility costs. The loan’s structure achieved the borrower’s current and future goals.”

Canyon Crest Views Apartments,  Riverside, CA

Built in 1983, Canyon Crest Views in Riverside, CA, offers one-, two- and three-bedroom townhomes and apartments with private garage parking. The garden-style multifamily property features two beautiful swimming pools, a multilevel fitness center and clubhouse. 

The upscale, 178-unit complex is located steps away from Canyon Crest Town Centre and more than 80 businesses and restaurants.

Contact: 

Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

JLL arranges $140 million refinancing for downtown Houston’s GreenStreet mixed-use development

 Laura Sellingsloh

HOUSTON, TX – JLL announced  it has arranged a $140 million refinancing for Greenstreet, an urban mixed-use office and retail asset totaling 617,000 square feet and located in Houston’s central business district. 

JLL worked on behalf of the borrowers, Lionstone Investments and Midway, to secure the loan, which was provided by Blackstone Real Estate Debt Strategies.

GreenStreet, a 617,000-SF development, spans four contiguous city blocks Central Business District, Houston, TX

GreenStreet, which spans four contiguous city blocks, is an urban mixed-use campus comprising 617,000 square feet of premier office, shopping, dining and entertainment options surrounding The Lawn, a central open-air green space. 

Not part of the collateral but inclusive in the overall development is Hotel Alessandra, a 223-room luxury hotel that was completed in 2017.  

GreenStreet comprises three components – two stories of creative office atop ground floor retail; the 11-story, 260,000-square-foot GreenStreet office tower, most recently NRG’s Houston headquarters; and the attached parking garage that features 1,450 spaces and 24,000 square feet of additional office space. 

Colby Mueck

 GreenStreet is located within walking distance of the Toyota Center and George R. Brown Convention Center and houses notable tenants including House of Blues, Guadalajara and AT&T SportsNet.  

Most recently, the property executed a 15-year, 108,000-square-foot lease with Life Time, which will feature a diamond-level fitness resort, spa, café, and the company’s new co-working concept, Life Time Work.  

The Sponsors are underway with a multi-million-dollar capital improvement plan.  

Renovations to GreenStreet include making visitor wayfinding more visually appealing, opening up central corridors to enhance visibility and elevating the office tenant experience.  

Also under construction, is a new two-story, light-filled lobby, which will be accessible on the ground floor of the tower to create a sense of arrival and distinct point of entry for office tenants and visitors.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Colby Mueck, Director Matthew Putterman and Associate Laura Sellingsloh.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

Matthew Putterman

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday GP Corp (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

Contact:

 Kristen Murphy

JLL Director, Public Relations 

Phone: +1 617 848 1572

Email: Kristen.Murphy@am.jll.com

lionstoneinvestments.com.

 jll.com

 greenstreetdowntown.com

JLL closes $23.2 million sale of 5-building R&D/industrial park in San Diego’s Scripps Ranch submarket.

Lynn LaChapelle

SAN DIEGO, CA, Nov. 15, 2019 – JLL announced today that it has closed the $23.2 million sale of Scripps Ranch Business Park, a 94,309-square-foot, fully leased R&D/industrial park in San Diego’s Scripps Ranch submarket.

JLL marketed the property on behalf of the seller, a partnership between San Diego-based Hill Properties and RGA ReCap Incorporated (ReCap Real Estate Investments) on behalf of Reinsurance Group of America, Incorporated (RGA). Dollinger Properties purchased the asset.

 Sach Kirpalani 

Featuring credit tenants with recently renewed leases, Ranch Business Park garnered strong interest from the investment community. 

The property comprises five freestanding R&D/industrial buildings that are fully leased to five tenants, including Siemens, USPS and Apria Healthcare.

 Situated on 7.54 acres at 10060, 10070, 10080, 10090 and 10100 Willow Creek Road, the business park is in an irreplaceable location along the Interstate 15 Corridor and accessible from all the major arterials that serve the area.

The JLL Capital Markets team representing the seller was led by Senior Vice President Sach Kirpalani and Managing Directors Lynn LaChapelle and Bob Prendergast.

Bob Prendergast

“This disposition completed a portfolio break-up strategy that began when Hill Properties/RGA acquired a larger, nine-building portfolio approximately 30 months ago,” Kirpalani said. 

“Capitalizing on a robust depth of market for well-located R&D/industrial product, the offering attracted institutional and private investors alike, resulting in a competitive process and efficient execution by a buyer with a proven track record.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Scripps Ranch Business Park, San Diego, CA

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.                                          

Contacts: 

 Sach Kirpalani, JLL Senior Vice President

Calif. License No: 0179550

Phone:  +1 858 410 6392

Email:  sach.kirpalani@am.jll.com

Kimberly Steele, JLL Digital Content/PR Specialist

Phone: +1 713 852-3420

Email: kimberly.steele@am.jll.com

hillproperties.net
jll.com
dollingerproperties.com