(For more retail coverage, click GlobeSt.com/RETAIL.)
SAN FRANCISCO-Cost Plus Plaza near Fisherman's Wharf has changed hands for $29 million, or $329.54 per sf. The 88,338-sf retail center at Bay and Taylor streets is anchored by Cost Plus World Market, Barnes & Noble and, in a separate building, Petco. Starbucks' regional headquarters office is on the upper floor of the building occupied by Cost Plus and Barnes & Noble.
The new owner is DMP Properties, a Newport Beach, CA-based private investment group making its first acquisition in the Bay Area. The seller is VICPHIL (US) Inc., a Hong Kong-based family trust. Michael Federle, Nicholas Bicadro and Cynthia Stevenin of Grubb & Ellis had the disposition assignment and also procured the buyer.
Located at the north end of the city's historic cable car route, Cost Plus Plaza was built in 1986 as a replica of the original Cost Plus store that it replaced, with the added benefit of underground parking. The buildings received a seismic upgrade in 1995.
Federle tells GlobeSt.com that the asset is a long-term hold for the new owner, who beat out 17 other suitors. The sale price represents a sub-6% capitalization rate, Federle says.
The seller ultimately completed a 1031 exchange, Federle says, buying an office property in Reston, VA, for $36.5 million.
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