(EDITOR’S NOTE: According to public documents, the sale closed for $73 million, or approximately $1,900 per square foot. The sellers were Chin-I Tu and Li-Chu Wang, through their company Majestic Asset Management. They had purchased the asset for $63.2 million in January of 2013. The new owners of the property are really buying an empty building. The Saks Fifth Avenue Men’s Store had fully occupied the property. It will be vacating the building at the end of November. This means the property will be a value-add opportunity for the new owners.
The sellers were represented by Colliers’ San Francisco team of Julie Taylor, Tony Crossley, Tim Maas, Frank Wheeler, Darren Kuiper and Yang Chen. The sale was brokered by Newmark Cornish & Carey, whose efforts were led by Kyle Kovac, Dan Cressman and Mike Taquino.
Jake Randolph of Newmark Cornish & Carey, Jay Luchs of Newmark Grubb Knight Frank and Kazuko Morgan at Cushman & Wakefield were retained to help lease the building.)
City Center Realty Partners, LLC (CCRP), a San Francisco-based real estate investor and developer, in a partnership with Angelo, Gordon & Co., announced recently its acquisition of 220 Post Street, a five-story plus lower level flagship retail building situated in the heart of San Francisco’s Union Square shopping district.
The property provides prime retail frontage along one of San Francisco’s most desirable blocks, home to Ferragamo, Dior, Cartier, Graff, Burberry, and Harry Winston. 220 Post Street is currently occupied by Saks Fifth Avenue Men’s Store.
“City Center Realty Partners is thrilled to add this world-class retail asset to our portfolio,” said Sigurd Anderson, Founding Partner and CEO with CCRP. “This is truly a rare opportunity to acquire a high profile retail property with significant upside potential in one of the most coveted investment markets in the country.”
CCRP oversees a portfolio of urban real estate in major markets throughout the country, including San Francisco, Minneapolis, and Las Vegas. Among CCRP’s San Francisco Bay Area assets are numerous properties in the city’s Union Square shopping district and the 14.5-acre Public Market mixed-use redevelopment project in Emeryville, CA.
About City Center Realty Partners
City Center Realty Partners, LLC (CCRP) is a San Francisco based real estate investment firm, specializing in the development, redevelopment and acquisition of urban real estate. Nationwide, CCRP has developed and acquired more than $1 billion of retail, office and mixed-use properties. For more information visit www.ccrpllc.com
About Angelo, Gordon & Co.
Angelo, Gordon & Co. is a privately-held registered investment advisor dedicated to alternative investing. The firm was founded in 1988 and currently manages approximately $26 billion.