San Francisco, CA (July 22, 2019) – Newmark Knight Frank (NKF) is pleased to announce the transfer and sale of the purchase option for 2800 3rd Street, an approximately 1-acre, light industrial asset located in the Dogpatch submarket of San Francisco. The property is zoned PDR-1G and has the future potential for up to 240,000 SF of new R&D development. The transferred interest price, together with future option purchase price totaled $23.36 MM.
“We’re excited to add 2800 Third Street to our growing San Francisco portfolio. The property is located at the center of the Third Street corridor in the Dogpatch, arguably the city’s most evolving and dynamic neighborhood and we look forward to delivering a truly unique asset to the market,” said Jonathan Nachmani, Director of Acquisitions at Madison Capital.
Seller, whose managing principal was Eric Tao, was represented by NKF Capital Markets Senior Managing Director Seth McKinnon, Executive Managing Director Mark Geisreiter, Vice Chairman Steven Golubchik, and Associate Director Nadav Kariv. Madison Capital was represented by Director Jonathan Nachmani and Vice President Bryan Lisser.
“2800 3rd Street represents a growing acceptance of R&D as an institutionally recognized asset class within the city limits of San Francisco. Moreover, the proximity to both public transportation and adjacency to Pier 70 generated significant amount of interest from a large cross-section of investors,” said McKinnon.About Madison Capital
Madison Capital is a leading real estate investment and operating company focused on creating exceptional opportunities in evolving markets. The firm’s portfolio comprises over $2.5 billion of commercial real estate assets in New York, Chicago, Miami, and San Francisco. For more information about the company, visit www.mcapny.com.About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com