The largest building in the portfolio is a 126,000-sf office building at 1255 Post St. The remainder of the leasable portfolio consists of about 44,000 sf of several small retail buildings in the 1000 block of Geary Street. In addition to the office and retail space, the acquisition included the Cathedral Hills Hotel at 1101 Van Ness, for which Joe De Vivre Hospitality is handling day-to-day management.
The full slate of property services assignments were handed to PM Realty by Cathedral Heights LLC, which acquired the portfolio in January. Cathedral Heights is related to California Pacific Medical Center in San Francisco, an affiliate of Sacramento-based Sutter Health, one of Northern California's largest healthcare organizations.
PM Realty's locally based SVP Scott Kuklish tells GlobeSt.com that part of the reason the firm won the assignment was due to the fact that PM has managed properties for Sutter Health since 2000. With this latest assignment, PM now manages some 750,000 sf for Sutter and its affiliates. "PM Realty Group was selected for these assignments based on proven performance with the client," says Kuklish.
Kuklish says one of the main reasons California Pacific Medical Center acquired the property is related to the seismic responsibilities and requirements associated with medical facilities. "The scope of that requirement is so significant that it will require (the medical center) to relocate existing operations in order for the center's existing facilities to be surveyed," he says. "It also will provide expansion room and a redevelopment opportunity for them down the road."
Maryann Starn, PM's property manager for the property, tells GlobeSt.com that the portfolio's retail space is 100% leased, with the largest tenant being National Furniture Liquidators. The office building is 70% leased to some 97 tenants. Starn tells GlobeSt.com her charge is to fill the vacant office space "with short-term leases to the best of our ability."
PM Realty manages some 6.5 million sf in the Bay Area, 23 million sf in the Western US and around 130 million sf nationally. Healthcare properties represent 19% of the company's national portfolio.
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