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Small Retail Center Trades at $6.4M

SAN FRANCISCO-A 36,000-sf Market Street retail property located one block from the Westfield San Francisco Centre development has traded hands for $6.4 million. The investment represents an 8.8% capitalization rate for the new owner, a locally based LLC.

By Brian K. Miller | Updated on August 04, 2004

SAN FRANCISCO-A 36,000-sf retail building on Market Street has traded hands for $6.4 million, or $177.77 per sf of leasable area. Originally built in 1907, the two-story steel-frame masonry building received a complete seismic retrofit in 2000 and is leased to 10 tenants, including a billiards hall and a strip club. The buyer is Fair Market Properties, a locally based LLC led by real estate investor Theani C. Loushos. The selling partnership includes commercial real estate broker Mark Casagranda. Vincent Schwab and Sanford Skeie with Colliers International in San Francisco office had the disposition assignment and also sourced and represented the buyer.The building is located on a 15,000-sf lot in the 1000 block of Market Street, one block from the 1.5 million-sf Westfield San Francisco Centre development that will be anchored by Bloomingdale’s. The project is scheduled for completion in 2006. “It’s a good cash flow building in an area that is changing dramatically,” Schwab tells GlobeSt.com. The zoning on the property is C-3-G, a subset of the downtown commercial zoning that allows for a floor-area- ratio of 6:1. The capitalization rate on the investment is slightly above of 8.8%, says Schwab.

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