Union Square Retail Property Trades for $1,138/sf
NC News Headlines, The Retail Page
An unnamed buyer has picked up a notable retail property in San Francisco's Union Square, after paying $14 mil for a 12.3k sf ($1,138/sf) building at 39 Stockton, just off of Market St. The three-level, single-tenant asset, currently leased to The United Colors of Benneton, was sold by Nord Capital Real Estate of Hamburg, Germany.The property benefits from outstanding foot traffic generated from the popular Union Square shopping area and the fact that it is just a couple of blocks from the new 1.5 msf Emporium, which features the largest Bloomingdales in the west. Also adding to the foot traffic are Crate & Barrel, a BART station, and a high volume, three-level Apple Store. In addition, a new flagship Barney's store will open this fall immediately across the street from this building.
Carlos Lopez of REZA Investment Group brokered the sale. According to a recent edition of Real Estate Alert, REZA Investment Group ranked in the top five companies nationally for 2006 regional mall sales, based on sales of $25 mil or higher.