By Jon Peterson
A joint venture between DPW Real Estate Investments and TRA Investments has come together to acquire the 40,000 square foot mixed-use building in San Francisco located at 2001 Van Ness Avenue for $12.15 million (around $304 per square foot), according to information provided by the new ownership.
The property was sold by a private entity, and it was represented in the transaction by Vincent Schwab, a senior managing director of investments for Marcus & Millichap. He works out of the company’s San Francisco office.
DPW thinks that the property is a good fit for all of the work that has been going on along Van Ness over the past few years. “We believe this is an ideal location to benefit from the recent $300 million transformation of the Van Ness Avenue infrastructure,” says Douglas Twillman, partner at DPW Real Estate.
The future plans for the property include over $2 million worth of capital expenditure projects at the property. The improvements made to the property will include a complete face lift on the building exterior, a major redesign of the 3rd and 4th floors to optimize the use of the space, modernization of the common areas to improve access and egress and enhanced mechanical systems, lighting and controls to improve energy efficiency, aesthetics and air quality.
“The property’s design and construction are well positioned to serve the local community in a multitude of capacities ranging from ground floor retail and services to executive office suites and dental/medical uses,” said Twillman.
The property and construction manager on the renovation will be overseen by San Francisco-based Paramount Property Company and its president Christian Diggs. “We are excited to be teaming up with Paramount and will be heavily relying on them for this project going forward,” said Twillman.