211 Sutter Acquired by Foreign Buyer
San Francisco February 10, 2014 – Colliers International represented the seller in the sale of 211 Sutter Street, an historic trophy retail and creative office building in San Francisco, to a high net-worth Chinese buyer.
The Colliers Investment Services Group team of Tony Crossley, Erik Hanson, Frank Wheeler & Tim Maas represented the Seller in the transaction. By utilizing its international connections to both domestic and foreign investors, Colliers was able to source a China-based buyer targeting assets in San Francisco.
211 Sutter Street is a ten-story, plus penthouse and lower level 38,031 square foot retail and office building located at the southwest corner of Sutter and Kearny Streets within the Union Square District of San Francisco. Currently 97 percent occupied, the property is anchored by Chipotle Mexican Grill (NYSE: CMG) on the ground floor and mezzanine under a long-term lease.
Originally constructed in 1907, and most recently renovated from 2009 – 2012 with a complete façade restoration, a new building lobby, a separate lower level retail entrance along Kearny Street, elevator upgrades and the repositioning of several office tenant interiors, the Property blends a preserved historic character with the modern aesthetics desired by today’s creative office users.
The sale of 211 Sutter Street marks the tenth acquisition in San Francisco by a Chinese investor over the past 12 months. According to Erik Hanson, “Over the past 12 months, our offerings have received very strong interest from the international investment community targeting acquisitions in San Francisco. With 211 Sutter, we were able to source a China-based investor who made their first investment in this market. We expect to receive similar interest from the international investment community on future offerings, further solidifying San Francisco as a true world-class investment location.”
About Colliers International
Colliers International is the third-largest commercial real estate services company in the world, with over 12,300 professionals operating out of more than 522 offices in 62 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. Commercial Property Executive and Multi-Housing News magazines ranked Colliers International as a top U.S. real estate company. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.