SAN FRANCISCO, CA – HFF announced today that it has closed the sale of 55 Grant Avenue, a six-story, 12,653-square-foot, high-street retail asset in San Francisco’s Union Square District.
HFF marketed the property on behalf of a joint venture between City Center Realty Partners, LLC and Angelo Gordon & Co. St. Bride’s Managers, LLC represented the purchaser of the property.
55 Grant Avenue is situated one block from Union Square Park and luxury retailers such as Neiman Marcus, Barneys New York, Saks Fifth Avenue, Bloomingdale’s, Tiffany & Co., Louis Vuitton, Hermes, Bottega Veneta, Chanel and Gucci. Originally built in 1909 and most recently renovated in 2013, the building is 100 percent leased to five tenants including Tumi, which occupies the ground-floor space.
The HFF investment sales team representing the seller was led by managing director Nicholas Bicardo along with director Mark Damiani.
“Both the increase in fresh capital and the demand for high-street retail today far outpaces supply, with investors such as offshore groups, advisors, public REITs and private capital all making a big push for this type of product,” said Bicardo. “This sale, as well as the sale of 33 Grant Avenue that HFF closed last year, are a perfect example of new capital investing into this market for the first time.”
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 $800 million of retail, office and mixed-use properties, representing more than three million square feet.
Angelo, Gordon & Co. is a privately-held investment advisor specializing in alternative investments such as real estate, distressed debt and private equity. The firm was founded in 1988 and currently manages approximately $25 billion.
St. Bride’s Managers, LLC is a global real estate investment management business with offices in New York, London, Madrid and a consulting office in Frankfurt. www.stbridesmanagers.com
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.