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PREI Buying Mixed-Use Fillmore Center

SAN FRANCISCO-On behalf of investors in an open-end commingled fund, Prudential Real Estate Investors inks a purchase and sale agreement for the 10-building residential and retail development near the intersection of Fillmore Street and Geary Boulevard.

By Brian K. Miller | Updated on October 07, 2004

SAN FRANCISCO-The real estate investment and management arm of Prudential Financial is in the process of acquiring Fillmore Center. The 10-building mixed-use development near the intersection of Fillmore Street and Geary Boulevard includes more than 1,000 residential units and nearly 100,000 sf of retail. Prudential Real Estate Investors says it is acquiring the three-block property on behalf of investors in an open-end commingled fund and that the transaction should close before the end of the year. The deal still needs approval from the San Francisco Redevelopment Agency.Located at 1475 Fillmore St., the 8.6-acre property was built between 1987 and 1991. It comprises 1,114 residential units, 97,581 sf of retail space, and 1,205 parking slips in five underground garages. Both the retail and the residential are approximately 95% leased. The purchase price has not yet been revealed. The seller is The Laramar Group LLC, which owns some 20,000 residential units nationally. The Laramar Group will continue to manage Fillmore Center on PREI’s behalf.

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