657-667 Mission Street in San Francisco Sells for $64.6MM

CBRE JLL Transbay Transit Center Square Mile Capital Management BART Muni Vanke Holdings USA Align Real Estate Coast Counties Property Management South Financial District SoMa San Francisco 657-667 Mission Street Unity Technologies

SAN FRANCISCO – MARCH 13, 2017 – CBRE Capital Markets has arranged the $64.6 million sale of 657-667 Mission Street, two adjacent historic office buildings totaling approximately 130,923 square feet in the heart of San Francisco’s South Financial District.

CBRE’s Mark Geisreiter, Russell Ingrum, Sean Sullivan, Tyler Meyerdirk and Matt Kroger represented the seller, Coast Counties Property Management.

Brad Zampa, Mike Walker and Megan Woodring of CBRE Capital Markets’ Debt & Structured Finance team in San Francisco office arranged the five-year, non-recourse, floating-rate acquisition financing at a very competitive spread priced over 30-day LIBOR on behalf of a joint venture between the buyers, Align Real Estate & Vanke Holdings USA. Financing was provided by a debt fund whom is actively seeking exposure to core markets with experienced commercial real estate investors. The lender offered an aggressive execution with a 70% loan-to-cost initial funding and ability to draw future funding for capital improvements and lease-up costs going forward providing a total loan commitment of $70 million.

Built in 1907 and 1916 respectively, 657 and 667 Mission Street present both historic architecture and the opportunity for creative renovation. The buildings also boast an excellent location, situated one block south of Market Street—providing access to both BART and Muni—and one block from the Transbay Transit Center. The location also offers close proximity to some of San Francisco’s top amenities, including upscale dining options, boutique hotels and numerous entertainment and cultural attractions such as the San Francisco Museum of Modern Art, Yerba Buena Gardens and the Metreon.

Mark Geisreiter and Alexis Walsh of CBRE will be the leasing team for 657-667 Mission Street on behalf of the joint venture.

About Align Real Estate
Align Real Estate, LLC is an owner, developer, and operator of real estate on the West Coast. Headquartered in San Francisco, the firm focuses on acquiring value-add office assets that offer investors compelling risk-adjusted returns and on developing sustainable, urban infill opportunities in transit-rich locations in the Bay Area, Pacific Northwest, and Greater Los Angeles markets. The firm was founded by Jason Chadorchi and David Balducci in 2015.

About Vanke Holdings
Based in New York and San Francisco, Vanke Holdings USA is a trusted capital partner to U.S.-based real estate developers on both residential and commercial projects. It is the American affiliate of China Vanke Co., Ltd., a Fortune Global 500 company that is one of the world’s largest real estate development and services companies with annual revenue of over $29 billion globally. For more information please visit www.vanke.us.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

West Coast Commercial Real Estate News