Owned by a partnership of LNR Property Corp. and parent Lennar Corp. and listed by Grubb & Ellis brokers Richard Johnson and Dan Cressman, the site is fully entitled for 187 market-rate residential units and 51 below-market residential units.
The company is selling the site because they are not long-term investors. They bought the property in 1999 for $15.2 million. Part of the deal included 250 Brannan, which Lennar and developer Mariposa Management Co. converted into a business services building. Currently, the same brokers handling 200 Brannan are also listing this property. The asking price: $50 million.
The 200 Brannan site includes an existing 43,000 sf storage and light industrial building. The San Francisco Redevelopment Agency donated that portion of the site in exchange for the owner building 51 below-market housing.
The condominiums, which could begin construction this year, could probably net between $700 to $1,000 per sf.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
