Ten-X partnering with JLL to sell 142 Minna Street, a fully-occupied tech, office and retail building in the thriving SoMa submarket
SAN FRANCISCO – May 11, 2016 – Ten-X, the nation’s leading online real estate marketplace, announces the upcoming sale of 142 Minna Street, a fully-leased and renovated office/retail building in Downtown San Francisco’s surging South of Market (SoMa) submarket. Erik Hanson and Rob Hielscher of JLL are teaming with Ten-X to bring 142 Minna Street to market. The property will be sold online on the Ten-X Commercial platform via Offer Select, a buying format that enables online negotiation and gives buyers an exclusive diligence period to inspect the property before removing contingencies. The asset is listed for $10.25 million and there is a Wednesday, May 18 deadline for initial offers. Eager buyers are encouraged to submit offers ahead of the May 18 deadline, as the Offer Select platform allows sellers to accept signed offers immediately online.
The asset is being sold by a local developer and is located in the South Financial District submarket of SoMa, which is experiencing significantly low office vacancy rates — currently 7 percent — down 160 bps from a year ago and much lower than the 2010 peak of 13.1 percent. Effective rents have risen considerably over the past four quarters, according to Reis data and Ten-X Research. JLL finds pricing across the overall central business district at about $72 per square foot. Until now there has been a lack of for-sale inventory in SoMa, leaving investors eager for buying opportunities. 142 Minna is one of several tech-oriented assets recently brought to market — granting investors their long-awaited chance to break into the market.
“Office buildings in San Francisco are hot today and tech-oriented buildings are selling to buyers from all over the world, both institutional and private,” said Ten-X Commercial Real Estate Division General Manager Gordon Smith. “142 Minna is the epitome of the tech real estate that investors are most attracted to. With the region being one of the strongest office markets in the U.S., there’s pent-up demand for high-quality mixed-use properties, and we’re excited to give investors easy access to this type of transaction on the proven Ten-X Commercial platform.”
The 11,690-square-foot 142 Minna Street is a two-story building currently fully leased to two tenants. The property has been renovated over the years, most recently with the second floor office space transformed into dramatic, creative office space ideal for modern tenants. The Alibi restaurant and bar has occupied the first floor since 2010, and is popular with the neighborhood’s hip, tech-savvy workers. The property features best-in-class access to public transit and numerous local amenities.
Ten-X is the nation’s leading online real estate marketplace and the parent to Ten-X Homes, Ten-X Commercial and Auction.com. To date, the company has sold 200,000+ residential and commercial properties totaling more than $37 billion. Leveraging desktop and mobile technology, Ten-X allows people to safely and easily complete real estate transactions entirely online. Ten-X is headquartered in Irvine and Silicon Valley, Calif., and has offices in key markets nationwide. Investors in the company include Google Capital and Stone Point Capital. For more information, visit Ten-X.com.