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Brannan Street Property Hits the Market for $22 Million

SAN FRANCISCO-LNR Property Corp. and its parent company Lennar Corp. purchased the property in 1999 for $15.2 million. The site is fully entitled for 187 market-rate residential units and 51 below-market residential units.

By Becky Bergman | Updated on March 07, 2001

SAN FRANCISCO-A two-acre site at 200 Brannan St. and 1 Federal St. in the city is on the market for roughly $22 million.

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.

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