CIM Sells Two Retail Condos at One Mission Bay in San Francisco for +$17MM

CIM, San Francisco, One Mission Bay, Colliers International

By Jon Peterson

Los Angeles-based CIM Group has sold the ground floor retail condominiums at both the Tower and Park buildings that are part of the One Mission Bay condo development in San Francisco to two separate private investors. Aggregate pricing on both transactions is north of $17 million and surpasses the $1,000 per square foot mark, according to sources that are familiar with the assets.

CIM was represented on the sale by the San Francisco office of Colliers International. The transaction was led by Tim Mass, Tony Crossley, Darren Kuiper and Will Cliff. Colliers declined to comment when contacted for this story.

The retail condos that were sold total approximately 16,700 square feet. CIM had completed the construction of the retail portion of the property last year. One of the main tenants is Little Creatures Brewery, which had signed a lease in 2018 for around 6,300 square feet. This location was to be its first operation in the United States at the time the lease was announced. Other retail condo tenants include Mission Bay Wine & Cheese, Lagree Fit 415 and AT&T.

The retail condos are on the ground floor at One Mission Bay, which is a 350-unit luxury condo development that was constructed by CIM. Almost all of the condo residential units have been sold. The development is located at the gateway to Mission Bay and is a short walk to the 4th & King Caltrain station and Oracle Park, the home field for the San Francisco Giants baseball team. The property is also adjacent to the 250-room Marriott SOMA Mission Bay Hotel that is now under construction.

The area in Mission Bay near the retail condos is producing increased foot traffic. This is happening due to the Chase Center and new headquarter locations for Uber and Dropbox.

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