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$35M Buys 108,800-SF Fed Ex Building

SAN FRANCISCO-The 2003 build-to-suit off Highway 101 here serves as Fed Ex's primary distribution and sorting facility for the CBD. The cap rate on the investment is just under 7%.

By Brian K. Miller | Updated on March 09, 2005

SAN FRANCISCO-The 108,793-sf Federal Express building here has changed hands for $35 million. Charlotte, NC-based Wachovia Securities sold the building to an undisclosed Miami Beach-based investment partnership.The 2003 build-to-suit is located on four acres at 1875 Marin St. off Interstate 101. It serves as Fed Ex’s primary distribution and sorting facility servicing the CBD. Fed Ex is in the early years of a 15-year lease.Steven Regenstreif, VP of investments for Marcus & Millichap, had the disposition assignment. He was not available Wednesday for comment.The purchase price translates to a per-sf price of $322. The new owner’s going-in cap rate is 6.98%, according to M&M.

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